To further increase its week-over-week losses following the judgement, XRP is on another trading range restriction. At the time of writing, the price of XRP is $0.5, down 0.36% over the previous day. New data from cryptocurrency analytics site Santiment has shown that the coin is showing a comparable decline in its total user count as the XRP price retreats from its weekly high of $0.532.
According to Santiment statistics, there are currently 497.24K active users as opposed to 539.38K on September 1st.
The data is transparent and reveals a brief decline in XRP coin transfers. This sudden decline is a result of interest in XRP declining following the verdict, a pattern that highlights people’s strong positive feelings about the virtual currency.
The bulls in the ecosystem of XRP are planning another strategy to reignite their interest in the coin in order to keep XRP’s regal lustre. Growing demand for the currency as a transaction token for cross-border payments, which is also expected to put positive pressure on the coin’s growth trajectory, is a result of its importance to the Ripple and XRPL ecosystem.
Multifaceted utility of XRP
Despite XRP’s dwindling user base, the cryptocurrency’s price is anticipated to rise in the mid- to long term due to the increasing and diverse use cases of the digital currency.
As previously reported by U.Today, Ripple has continued to sign advanced agreements with prestigious companies all around the world, including SBI Holdings, to strengthen the use case for the digital currency.
The introduction of XRP Ledger is another channel for the XRP coin’s usefulness to be redefined. With the expansion of non-fungible Tokens (NFTs) and decentralised finance (DeFi) on Ledger, XRP is positioned to see strong demand that will support its growth in the near term.
