STOXX Index Update: XRP Surges to Third Place in Global Crypto Rankings
- XRP is the third-largest component of the STOXX Digital Asset Blue Chip Index, which tracks a diversified basket of digital assets which it determines through crypto native metrics.
- The token gained 1% in the past day, with one analyst claiming the token will hit $1.5 in the short term before surging to $7.5.
XRP is only behind market leaders Ethereum and Bitcoin on the STOXX Digital Asset Blue Chip Index, edging out other cryptos with higher market caps, including Solana and BNB.
The STOXX index tracks a diverse basket of crypto assets, relying on ‘crypto native’ metrics to “select those which serve as a reflection of the crypto universe today.” These metrics include total value secured, age, active addresses, developer community and economic activity. The tokens on the index are considered the best in the market for activity, quality, robustness and financial strength, the Swiss firm says.
Bitcoin and Ethereum are joint-top with a weight of 30% each, representing their long-held dominance in the market. XRP comes in third at 11.71%, ahead of Cardano’s ADA at 8.44% and Tron’s TRX at 5.63%.
On sector weighting, smart contracts were the most popular, with ADA, TRX and ETH all falling into this category as XRP and BTC represent crypto networks.
The STOXX Digital Asset Blue Chip Index enjoyed its best run in the second half of 2021 when it hit an all-time high just shy of 2,000 before dipping to its lowest in mid-May at the height of the crypto winter. Since the second half of last year, the index has been recovering as the prices of the tokens appreciated, with Bitcoin hitting a new all-time high in March. Ethereum also surged past $4,000 in March for the first time since it hit its ATH in 2021.
However, XRP and Cardano failed to recapture lost glory this year, with neither getting anywhere close to their 2021 heights.
XRP ranking only behind Ethereum and Bitcoin sparks memories of a time when XRP was the third-largest cryptocurrency in the market. Coincidentally, Ripple CEO Brad Garlinghouse spoke about it last week, telling FOX that XRP was once the largest crypto before the SEC set out to drag it down in a lawsuit that has been running for years now—although it’s edging close to a resolution according to legal experts, as Crypto News Flash reported.
XRP trades at $0.5028, gaining 1.6% in the past day for a $27.91 billion market cap. Trading volume has rebounded after the usual weekend slump, surging by 30% to $936 million, the fifth largest of the non-stablecoin crypto assets.
Analyst Egrag says XRP could hit $7.5 in his bullish analysis but expects the token to first hit $1.5 after breaking from the descending triangular trading pattern it’s been stuck on.
#XRP ATLAS LINE – $7.5 is Target Number 1 (UPDATE):
A) With high conviction, I can say that #XRP will break the White Triangle and hit the measured move at $1.5.
B) Moreover, the Fib 1.618 zone ($6.5-$7.5) is critical, and taking profits will happen here.
C)… pic.twitter.com/MyKqoczSa3
— EGRAG CRYPTO (@egragcrypto) June 10, 2024
