The Hong Kong Virtual Asset Consortium (HKVAC) has announced the delisting of XRP from its top five global large cryptocurrency index. This decision reflects the altcoin’s decline from the top-performing cryptocurrencies with the largest market capitalization globally.
In a significant move, HKVAC has decided to replace XRP’s position with Solana (SOL). This reorganization of its index will be effective by January 19, 2024. Solana had previously overtaken XRP in December 2023 to become the fifth-largest cryptocurrency globally. Despite XRP gaining regulatory clarity in its ongoing case with the United States Securities and Exchange Commission (SEC), it has been unable to experience a significant price increase.
Many investors have expressed discontent about the slow growth of XRP. Various solutions have been proposed by community members, including burning holdings in escrow to help boost the value of the cryptocurrency. XRP is currently trading at a price of $0.5745, reflecting a daily decrease of 3.67% according to CoinMarketCap.
Along with XRP, HKVAC has also disclosed other cryptocurrencies it will be delisting from its index. These include Mantle (MNT), Lido DAO (LDO), Maker (MKR), Quant (QNT), and Arbitrium (ARB). The virtual asset rating agency has also revealed new entrants in its cryptocurrency index following its reorganization this month. These include popular cryptocurrencies like NEAR Protocol (NEAR), Internet Computer (ICP), Immutable X (IMX), Optimism (OP), and Injective (IN). Additionally, Avalanche (AVAX) will be replaced with Tron (TRX) in the top ten Global Large-Cap Crypto Index.
Solana (SOL), known for its high throughput and low transaction costs, has been experiencing a massive surge in popularity over the recent months. Before the approval of Spot Bitcoin ETFs in 2023, the cryptocurrency surged as high as $125, moving from $8 to $125 in a single calendar year. The cryptocurrency has continually outperformed XRP in terms of price increases, successfully taking advantage of the bullish sentiment in the market.
Despite the stagnant price of XRP, many investors believe that specific factors including a Ripple Initial Public Offering (IPO), and a potential XRP ETF could boost the price of the cryptocurrency to greater levels.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | ðŸ‡ðŸ‡° 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | CoinMarketCap, United States Securities and Exchange Commission, Tradingview.com, Hong Kong Virtual Asset Rating Agency, Hong Kong Virtual Asset Consortium |
| Currencies | Mantle, Solana, Bitcoin, Arbitrum, NEAR Protocol, Lido DAO, XRP, Internet Computer, Quant, Immutable, Optimism, Avalanche, Maker, Injective, TRON |
| Securities | None |
