Hong Kong’s Virtual Asset Consortium Downgrades XRP
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January 14, 2024 8:47 pm
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XRP investors in Asian markets got a spot of bad news over the weekend.
The Hong Kong Virtual Asset Consortium (HKVAC) has revised its cryptocurrency indices. Following the update, the consortium removed XRP from its global crypto index—a list of the top five coins.
Their top five list now includes household names like Bitcoin and Ethereum, while Solana has replaced XRP as one of the top five global cryptos.
Additionally, Avalanche (AVAX) has claimed a spot on the top 10, unseating Tron (TRX).
It remains to be seen, if at all, how the recent downgrade on HKVAC’s index will affect the price of XRP or its current standing in Asian markets. Here’s what we currently know:
🚨BREAKING 🚨
🇭🇰 Hong Kong Virtual Asset Consortium removes XRP from global crypto index.
Solana took over #XRP's position in HKVAC's top 5 cryptocurrency global index, and AVAX replaced Tron, amid market fluctuations in the past 30 days.
— Ademe (@Ademe_4) January 14, 2024
ICYMI: 🇭🇰 Hong Kong's Virtual Asset Consortium revised its crypto indexes
Dropping $XRP and $TRON in favor of Solana $SOL and Avalanche $AVAX
— BlockNews.com (@blocknewsdotcom) January 14, 2024
Cryptopolitan explained:
This reshuffling is more than just a mere change in numbers; it reflects a significant shift in the crypto landscape. December 2023 marked a turning point when Solana, with its innovative blockchain infrastructure, surpassed XRP in market capitalization.
Block Voyager writes: “XRP faces a setback as it gets dropped from Hong Kong’s top 5 crypto index. Hong Kong Virtual Asset Consortium delists XRP and replaces it with Solana. XRP struggles to reach $1, while Solana surges in popularity.”
XRP faces a setback as it gets dropped from Hong Kong's top 5 crypto index. Hong Kong Virtual Asset Consortium delists XRP and replaces it with Solana. XRP struggles to reach $1, while Solana surges in popularity.
— BlockVoyager (@BlockVoyagerAIO) January 14, 2024
Below is a snapshot of XRP’s current price. Ripple’s native currency is currently trading in a range at~$0.58, down from the recent high of ~$0.75.
Coin Telegraph added:
In December 2023, Cointelegraph reported that Solana had overtaken XRP in market capitalization for the first time, making it the fourth-largest crypto.
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