- XRP’s re-entry into the TaiFu™ 30 Crypto Index signifies its widening acceptance and rehabilitated image post-SEC lawsuit.
- The re-inclusion, which reflects the asset’s accessibility to Western traders, places XRP alongside prominent cryptocurrencies like Bitcoin and Ethereum in the index.
A Resurgence Rooted in Legal Clarity
The tale of XRP, a digital currency birthed by the American blockchain-centric firm, Ripple Labs Inc., is one of resilience. Once caught in a legal mire, the asset has now resurrected its stance in the crypto community, marking its re-entry into the illustrious TaiFu™ 30 Crypto Index. This index, recalibrating daily, illuminates the market cap behemoths within the crypto sphere, offering a snapshot of the 30 most prestigious cryptocurrencies.
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:
— Tai Zen (@HeyTaiZen) October 1, 2023
The narrative of XRP’s comeback, as shared by Tai Zen, the co-creator of the TaiFu 30 Index, pivots on the now easier access of the asset to traders in the Western hemisphere. The index’s architectural design facilitates a seamless reshuffle at each quarter’s inception, smoothening the re-inclusion path for XRP.
Yet, the journey was not without its storms. Tracing back to December 2020, a legal tempest swirled around Ripple Labs when the United States Securities and Exchange Commission (SEC) flagged the firm for conducting alleged sales of unregistered securities through XRP. This litigation frenzy nudged many platforms to strip XRP off their listings, effectively stifling its liquidity channels, and barring it from riding the bullish wave that engulfed the market at the time.
Breaching The Legal Haze
A decisive turn arrived in July, as Judge Analisa Torres deemed XRP outside the ‘security’ tag when traded on secondary market platforms. This adjudication was a windfall, revitalizing the asset’s image. It cued major trading arenas like Coinbase, Binance, and Kraken to re-enlist XRP, with Gemini extending its platform for XRP trading for the first time.
The legal clearance not only mended fences but emboldened the sentiment around XRP, enhancing its market accessibility worldwide. This renewed sentiment is a linchpin in XRP’s triumphant return to the TaiFu™ 30 Crypto Index.
The weighted share of XRP stands at 2.756% on the index, dwarfed by Bitcoin’s mammoth share of 49.353% and Ethereum’s 19.413%, yet the re-inclusion is emblematic of XRP’s restored esteem and the widening embrace of its underlying technology orchestrated by Ripple Labs.