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XRP Growth Might Be Exaggerated, Here Are Bitter Lessons From Liquidation Data

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Tue, 3/10/2023 - 13:55
XRP Growth Might Be Exaggerated, Here Are Bitter Lessons From Liquidation Data
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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.

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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

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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.

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