XRP Takes A Hit As It’s Dropped From Hong Kong’s Top 5 Crypto Index

XRP has taken a major hit in its Hong Kong Digital Asset Consortium (HKVAC) has introduced the official delisting of the token, from the highest 5 world giant cryptocurrency index. 

HKVAC Delists XRP And Provides Solana

The Hong Kong Digital Asset Score Company (HKVAC) has made the choice to take away XRP from its earlier rating within the high 5 largest cryptocurrency index record. This adjustment mirrors the altcoin’s decline from the top-performing cryptocurrencies with the biggest market capitalization globally. 

Including to the setback, HKVAC has disclosed it is going to be changing XRP’s place with Solana (SOL). The Hong Kong-based consortium has said a reorganization of its index efficient by January 19, 2024. 

Earlier in December 2023, Solana overtook XRP to change into the fifth-largest cryptocurrency globally. Regardless of gaining regulatory readability in its ongoing case with the USA Securities and Alternate Fee (SEC), the cryptocurrency has nonetheless been unable to expertise a major value improve. 

Many buyers have expressed discontent in regards to the gradual development of XRP. Because of this, neighborhood members have offered varied options together with burning holdings in escrow to assist enhance the worth of the cryptocurrency. 

Token value trending above $0.57 | Supply: XRPUSD on Tradingview.com

Together with XRP, HKVAC has disclosed different cryptocurrencies it is going to be delisting from its index together with Mantle (MNT), Lido DAO (LDO), Maker (MKR), Quant (QNT), and Arbitrium (ARB). 

The digital asset ranking company has additionally revealed new entrants in its cryptocurrency index following its reorganization this month. These embrace well-liked cryptocurrencies like NEAR Protocol (NEAR), Web Laptop (ICP), Immutable X (IMX), Optimism (OP), and Injective (IN). Moreover, Avalanche (AVAX) will likely be changed with Tron (TRX) within the high ten International Massive-Cap Crypto Index.

Solana Continues To Outperform

Fashionable cryptocurrency, Solana (SOL), identified for its excessive throughput and low transaction prices, has been experiencing an enormous surge in reputation over the latest months. 

Earlier than the approval of Spot Bitcoin ETFs in 2023, the cryptocurrency surged as excessive as $125, shifting from $8 to $125 in a single calendar 12 months. The cryptocurrency has regularly outperformed XRP when it comes to value will increase, efficiently benefiting from the bullish sentiment out there. 

XRP however has been unable to succeed in the $1 value mark since 2023. The cryptocurrency is at present buying and selling at a value of $0.5745, reflecting a day by day lower of three.67% in accordance with CoinMarketCap. 

Though the worth of the altcoin has remained stagnant for months, many buyers consider that particular elements together with a Ripple Preliminary Public Providing (IPO), and a possible XRP ETF may enhance the worth of the cryptocurrency to larger ranges.

Featured picture from Medium, chart from Tradingview.com