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

XRP has taken a significant hit in its Hong Kong Virtual Asset Consortium (HKVAC) has announced the official delisting of the token, from the top five global large cryptocurrency index. 

HKVAC Delists XRP And Adds Solana

The Hong Kong Virtual Asset Rating Agency (HKVAC) has made the decision to remove XRP from its previous ranking in the top 5 largest cryptocurrency index list. This adjustment mirrors the altcoin’s decline from the top-performing cryptocurrencies with the largest market capitalization globally. 

Adding to the setback, HKVAC has disclosed it will be replacing XRP’s position with Solana (SOL). The Hong Kong-based consortium has stated a reorganization of its index effective by January 19, 2024. 

Earlier in December 2023, Solana overtook XRP to become the fifth-largest cryptocurrency globally. Despite gaining regulatory clarity in its ongoing case with the United States Securities and Exchange Commission (SEC), the cryptocurrency has still been unable to experience a significant price increase. 

Many investors have expressed discontent about the slow growth of XRP. As a result, community members have presented various solutions including burning holdings in escrow to help boost the value of the cryptocurrency. 

XRP price chart from Tradingview.com

Token price trending above $0.57 | Source: XRPUSD on Tradingview.com

Including XRP, HKVAC has disclosed other cryptocurrencies it will be delisting from its index including 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 Continues To Outperform

Popular cryptocurrency, 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. 

XRP on the other hand has been unable to reach the $1 price mark since 2023. The cryptocurrency is currently trading at a price of $0.5745, reflecting a daily decrease of 3.67% according to CoinMarketCap. 

Although the price of the altcoin has remained stagnant for months, 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.

Featured image from Medium, chart from Tradingview.com

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