Litigation and Steady Price Decline — Can XRP Sustain Such Attrition?

Ripple has long occupied a controversial position in the cryptocurrency industry. The ascension of Ripple’s in-house token, XRP, to the position of the second-largest cryptocurrency by market cap was enough validation for some that the company was set to play a major role in the industry for many years to come. However, since those halcyon days, momentum has slowed, and aside from a few notable blips, the company has been dogged by rumors and a steady decline in XRP’s value.

Ripple fails to make waves online

Because of the ambitious philosophical goals at the heart of the cryptocurrency ecosystem, it is not uncommon to see investors who favor one particular token, battling it out behind their keyboards on social media. XRP’s defenders were among the most vocal. 

But it seems that the token’s “XRP Army” is struggling to fill the ranks. According to a new study by social trading and investing platform eToro and crypto data provider The Tie, which indicated that discussion of XRP fell 16% in the first quarter of 2020. 

While it’s important to note that Twitter mentions ebb and flow according to a huge variety of market movements and company activity, the report found that the number of users in the so-called XRP Army has declined by a mammoth 82% since January 2018. The token’s social media activity woes, however, don’t end there. A list of Telegram groups compiled by a Twitter user on April 15 showed that over 63% of @Ripple members had left since June 2018. 

Mohamed Zidan, the chief market strategist of ThinkMarkets, told Cointelegraph that XRP has struggled to find a function in the cryptosphere and put forward his view that faith in the token is wavering: 

“Believers in XRP and other cryptos diminished gradually, and few people still believe in it. It was important to witness how the markets reacted to cryptocurrencies during coronavirus pandemic. It proved that it can’t be a safe haven but more as a risky asset. The current stagnation and…

Source Link

Advertisements