XRP Recognized by HKVAC in Crypto Indices Ranking
XRP has achieved significant success after a judge ruled that it is not a security. The Hong Kong Virtual Asset Consortium (HKVAC) has now included XRP in its top 5 crypto rankings. In a statement released on October 13, the rating agency announced that XRP will replace USDC in the Cryptocurrency Global Large Top5 Index and Cryptocurrency Global Large Top5 Equal Weight Index. These indices also feature Bitcoin, Ethereum, BNB, and USDT.
HKVAC selects tokens for these indexes based on market capitalization, liquidity, investability, and other key criteria suitable for general investors. The inclusion of XRP reflects the extensive spectrum of investable virtual assets. This recognition is important as it influences the approval of trading and issuance of crypto tokens by the Hong Kong Securities and Futures Commission (SFC).
XRP’s Rising Value
XRP’s trading volume has been surging, making it the fifth-largest crypto and the third-largest altcoin behind ETH and BNB. Despite a bearish trend in its price, many in the XRP community believe that the token has become more valuable due to Ripple’s ongoing business ventures and its legal battle with the US Securities and Exchange Commission (SEC). Ripple’s CLO also acknowledges that XRP is now uniquely classified as a non-security in the US.
With Ripple’s continued success, it is expected that XRP will continue to rise in value as the crypto firm achieves major milestones in its business ventures.
Hot Take: XRP Gains Recognition in Hong Kong Crypto Market
The recognition of XRP by the Hong Kong Virtual Asset Consortium (HKVAC) is a significant milestone for the cryptocurrency. By including XRP in its top 5 crypto rankings, HKVAC has acknowledged the value and potential of XRP in the virtual asset market. This recognition not only boosts XRP’s credibility but also influences regulatory decisions in Hong Kong. As XRP continues to rise in trading volume and gain support from the community, its future prospects look promising. With Ripple actively building despite its legal battle, it is expected that XRP will continue to thrive and achieve further success in the crypto industry.
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