XRP Displaces USDC in This Market Index: Details

Godfrey Benjamin

XRP has displaced second largest stablecoin in HKVAC Cryptocurrency Global Large Top 5 Index

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The Hong Kong Virtual Assets Consortium (HKVAC) has recognized XRP’s latest growth maneuvers by adding digital currency to the HKVAC Cryptocurrency Global Large Top5 Index. This inclusion is revered in part because it was achieved after XRP displaced USD Coin (USDC) from the 5th position in terms of market capitalization ranking.

This index rebalancing now places XRP at the same level as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and USDT which also makes up the Index. The assigned value has not yet been disclosed, however, it might be pegged at around 2.92% which was assigned to USDC prior to the rebalancing.

Though the inclusion of XRP is being celebrated, the influence on the index might not be profound seeing BTC and ETH occupy a total of 83.63% of the Index. HKVAC confirmed the rebalancing will take effect in the coming week.

XRP was recently added to the HKVAC index tracking the top 30 cryptocurrencies. The digital currency currently takes a 6.94% share of this particular index, and the selection has stayed relatively positive to date, as it has recorded as much as 9.79% in the year-to-date (YTD) period.

Growing XRP recognition

It appears unsurprising that XRP is being recognized on a global scale as the regulatory clarity surrounding its status in the United States is reverberating beyond borders.

Judge Analisa Torres recently denied the motion for interlocutory appeal on her earlier ruling by the Securities and Exchange Commission (SEC), and XRP now has no challenger as a nonsecurity in the country.

This clarity is what cryptocurrencies like Cardano (ADA), Solana (SOL), Polygon (MATIC) and Decentraland (MANA) crave, seeing as the SEC has also tagged their trading on Coinbase and the Binance exchanges as investment contracts.

The XRP ruling has formed a precedent impacting other major cases at the moment.

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.