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Current XRP growth trends suggest that the recent hype around the performance of digital currency might be exaggerated. Though XRP is currently changing hands at a price of $0.5092, down by 2.52% in the past 24 hours, its perceived influence in the market is notably overhyped.
Current liquidation data from CoinGlass, riding on the bearish wave that has swept the market in the past 24 hours, as much as $1.35 million worth of XRP have been taken off the market. Of this figure, the short position accounts for a meager $116.25K, while long traders recorded a $1.23 million loss.
This data reflects that the positive ruling from Judge Analisa Torres that XRP is in itself not a security when traded on exchanges has failed to fuel a more bullish disposition for the cryptocurrency. Compared to the liquidation data on record for both Bitcoin (BTC) and Ethereum (ETH), it becomes evident that XRP is still regarded as a less promising digital currency.
This realization casts doubt on the bullish predictions for the coin by some experts post-ruling. Despite having a robust community, should crucial growth data be flashing dull enthusiasm and buy-up momentum, XRP might not impress many with its performance in the near term.
Focus on use cases
One positive perspective of key proponents of XRP is that rather than focus on the on-chain technicals, the protocol will benefit much more when developers in the ecosystem direct their attention toward creating impressive real-world utilization channels.
The argument is that when the natural demand for XRP is there, it becomes quite easy for the coin to chart a steady but sustainable growth course over time. With the XRPL set to welcome a number of new initiatives over the next few months, XRP might finally be getting the boost it has so longed for.
Tomiwabold Olajide
Gamza Khanzadaev
