XRP Gains Wide Recognition as One of the Largest Crypto Assets

XRP continued to see significant success following Judge Analisa Torres’ ruling, which granted it unique status following her declaration that the token is not a security. One such recorded success is the latest recognition of XRP by the Hong Kong Virtual Asset Consortium (HKVAC) in its latest crypto index rankings.

HKVAC lists XRP among top 5 cryptocurrencies

In a statement released on October 13, the prominent rating agency stated that XRP will replace USDC and enter the top 5 of its Cryptocurrency Global Large Top5 Index and its Cryptocurrency Global Large Top5 Equal Weight Index. This top 5 index contains other major cryptocurrencies such as Bitcoin, Ethereum, BNB, and USDT.

HKVAC noted that this change is part of the rebalancing results of the HKVAC key indices and HKVAC market indices. In addition, he stated that these changes will come into effect on October 20. Other changes include the delisting of Cryptonex and Internet Computer and the inclusion of Hedera and Maker tokens in the major global market capitalization index of 30 cryptocurrencies.

HKVAC chooses the tokens that make up these indices based on their “market capitalization, liquidity, investability and other key criteria suitable for general investors.” The list is designed to reflect a “broad spectrum of virtual assets that can be invested in.”

These indices are also important in Hong Kong as it is one of the measures that the Hong Kong Securities and Futures Commission (SFC) considers when approving the marketing and issuance of a cryptographic token within its jurisdiction.

Meanwhile, XRP’s trading volume continues to increase, which has seen it rise (overtaking USDC) to become the fifth-largest cryptocurrency (and the third-largest altcoin, behind ETH and BNB). The token showed a glimpse of its potential when it became the fourth-largest crypto token by market capitalization following Judge Torres’ ruling in favor of Ripple against the US Securities and Exchange Commission (SEC).

Despite the downward trend in the price of XRP, with some analysts predicting that the token could fall further, many in the the ongoing legal battle.

Ripple’s CLO also seems to agree that the token has become more valuable, as he stated that the token is now “uniquely classified” as a non-security in the US.