XRP Makes its Way Back to TaiFu 30 Crypto Index

XRP, the digital currency closely associated with the American blockchain payments company Ripple Labs Inc., has successfully returned to the TaiFu™ 30 Crypto Index.

The TaiFu 30 Index is a daily recalibrated benchmark, showcasing the 30 most valuable cryptocurrencies of the day, determined by their market capitalization. The index recalibrates every day to reflect any changes on the top 30 list.

According to an X post from Tai Zen, the co-creator of the iconic market index, the re-inclusion of XRP into the index hinges on the premise that the asset is now more accessible to Western traders.

1/ Today, @Ripple is added back to the TaiFu™ 30 Crypto Index because it is now "reasonably" available and accessible to western traders and the index rebalances at beginning of quarter:

Learn how we add/remove coins to the TaiFu™ 30 Crypto Index here:https://t.co/JbIPkSYUtq pic.twitter.com/Wh7vmy6ptR

— Tai Zen (@HeyTaiZen) October 1, 2023

Tai Zen also highlighted the fact that adding XRP back to the index came with not much stress as the TaiFu 30 Crypto Index reshuffles at the beginning of every quarter, making it a smooth sail for the coin.

With the inclusion, XRP now joins the likes of Bitcoin (BTC), USD, Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) among others in the index.

However, XRP only occupies a weighted share of 2.756% on the index. This weighted score compares to the massive 49.353% assumed by Bitcoin, 20% occupied by USD and the 19.413% occupied by Ethereum.

XRP was disfavored back in December 2020 when the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, claiming the firm conducted sales of XRP categorized as unregistered security at the time.

This lawsuit forced many exchanges to delist the coin and analytics platforms and indexes also had no choice but to cease support for the asset at the time.

This series of delisting impacted its price in unique ways. Besides depriving access to liquidity for traders and institutions that rely on it in top Western markets, the coin was prevented from benefiting from the last bull run that was witnessed in the market.

The Big XRP Turnaround

The shift in the perception of XRP came back in July when Judge Analisa Torres ruled that XRP in itself cannot be tagged as security when traded on secondary marketplaces like exchanges.

This renewed designation revamped the outlook of the coin as top exchanges like Coinbase, Binance, and Kraken relisted it for trading on their platforms. Gemini also listed it for the first time.

The landmark ruling, with part of it currently being appealed by the SEC, has restored confidence in the coin. This confidence has contributed to the sentiment that has triggered its accessibility in more markets around the world.

This broad embrace accounts for why XRP has now been returned to the TaiFu™ 30 Crypto Index.