XRP Delisted from Top Cryptocurrency Index
The Hong Kong Virtual Asset Consortium (HKVAC) has announced the official delisting of XRP from its top five global large cryptocurrency index. This decision comes as XRP has declined in performance and market capitalization, losing its position among the top-performing cryptocurrencies. The HKVAC will be replacing XRP with Solana (SOL) in its index.
Solana Takes XRP’s Place
Solana, a popular cryptocurrency known for its high throughput and low transaction costs, has replaced XRP in the HKVAC index. Despite gaining regulatory clarity in its ongoing case with the SEC, XRP has struggled to experience significant price growth. Many investors have expressed dissatisfaction with XRP’s slow growth and have proposed burning holdings in escrow to increase its value.
Other Changes to HKVAC Index
In addition to delisting XRP, the HKVAC has also removed other cryptocurrencies from its index, including Mantle (MNT), Lido DAO (LDO), Maker (MKR), Quant (QNT), and Arbitrium (ARB). The consortium has introduced new entrants to its index, such as NEAR Protocol (NEAR), Internet Computer (ICP), Immutable X (IMX), Optimism (OP), and Injective (IN). Tron (TRX) will replace Avalanche (AVAX) in the top ten Global Large-Cap Crypto Index.
Solana Outperforms XRP
Solana continues to outperform XRP in terms of price increases. Before the approval of Spot Bitcoin ETFs in 2023, Solana surged from $8 to $125 in a single year. In contrast, XRP has been unable to reach the $1 price mark since 2023 and is currently trading at $0.5745. However, some investors believe that factors such as a Ripple IPO and a potential XRP ETF could boost the price of XRP in the future.
Hot Take: XRP’s Delisting Highlights Declining Performance
The delisting of XRP from the HKVAC index reflects the altcoin’s decline in performance and market capitalization. Despite regulatory clarity and community efforts to increase its value, XRP has struggled to achieve significant price growth. Solana, on the other hand, has been gaining popularity and outperforming XRP with its high throughput and low transaction costs. The future of XRP remains uncertain, with potential factors like a Ripple IPO and XRP ETF being speculated as possible catalysts for price increases. However, for now, XRP’s delisting serves as a reminder of its challenges in the cryptocurrency market.
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