The Hong Kong Virtual Asset Consortium (HKVAC) has made a significant move by adding the XRP to its exclusive virtual asset index.
XRP now holds a 6.94% share in both the HKVAC Cryptocurrency Global Large Top5 Index and Equal Weight Index, propelling it into the league of elite digital currencies like Bitcoin, Ethereum and Tether, each holding 15%.
The inclusion is a significant endorsement of XRP, as HKVAC’s selection criteria are rigorous. To qualify, virtual assets must maintain a median market capitalization of at least $10 million over the preceding three months, and also a median daily traded value of no less than $100,000 during the same period.
XRP seems to have earned its place on the back of a monumental legal victory. In July 2022, the U.S. Securities and Exchange Commission (SEC) long-running case against Ripple over XRP’s status concluded with a ruling affirming that XRP is not a security.
This confirmation was pivotal, establishing XRP as a dependable investment option and gaining the trust of the global crypto community.
When the SEC’s subsequent appeal was dismissed, XRP’s triumph became definitive. The positive judgement has further strengthened its stand in the crypto market.