XRP's Declining Google Search Interest Seen as Buying Signal

XRP's public interest has waned, but some market experts are viewing this as a possible buying signal. 

According to Google Trends, search interest for XRP has dwindled since its peak on July 13, declining to a score of 7 globally and an even sharper drop to 5 in the U.S. as of Sept. 6. 

This decline in public interest follows a mixed ruling by the U.S. District Court of the Southern District of New York on July 13, which stated that while Ripple-affiliated XRP token sales on exchanges did not violate federal securities laws, its institutional sales did.

Related

Thu, 09/07/2023 - 19:42

Bitcoin on the Brink as Death Cross Looms

Alex Dovbnya

After initially surging to over $0.80 following the ruling, XRP has since receded to $0.505287, according to CoinGecko data.

A buying opportunity?

The drop in search interest isn't necessarily a red flag for investors. 

Some analysts argue that reduced search interest could indicate that the digital asset is less overpriced due to the absence of "excessive exuberance." As the saying goes, "Buy when it's boring, sell when it's not," a sentiment echoed by several market observers on social media.

The most recent CoinGecko data shows a current market cap of $26.8 billion for XRP. The controversial token has erased virtually all of its value after the court ruling. 

Regulatory clarity 

Despite the decline in price and public interest, XRP now enjoys a distinct advantage: regulatory clarity in the U.S. "Other than Bitcoin, XRP is now the only digital asset with regulatory clarity in the United States," said Ripple CTO David Schwartz during The Future Outlook of the #XRPL on Day 1 of the #ApexDevSummit. This regulatory clarity could provide a more stable environment for long-term investors and could be a significant factor in future price action.