The previous euphoria around the success of digital currency may have been overstated, according to current XRP growth trends. Although XRP is presently trading at $0.5092, down 2.52% over the last 24 hours, its supposed market significance is noticeably overstated.
According to recent statistics from CoinGlass, as much as $1.35 million worth of XRP have been removed from the market, riding the negative tsunami that has swept the market over the last 24 hours. The short position only accounted for a meagre $116.25K of this total, while long traders suffered a loss of $1.23 million.
This information shows that the cryptocurrency has not gained greater traction due to Judge Analisa Torres’s affirmative finding that XRP is not a security when traded on exchanges. It is clear that XRP is still thought of as a less promising digital currency when compared to the liquidation data recorded for both Bitcoin (BTC) and Ethereum (ETH).
This realisation calls into question several experts’ post-ruling optimistic projections for the currency. Despite having a strong community, XRP could not win many fans with its performance in the near future if vital growth statistics shows lacklustre excitement and buy-up velocity.
Focus on use cases
Key XRP supporters have the opinion that the protocol will gain significantly more when ecosystem developers concentrate on building remarkable real-world utilisation channels rather than on the on-chain technicals.
According to the theory, it is fairly simple for the coin to chart a steady but sustainable growth trajectory over time when there is a natural demand for XRP. In the next months, the XRPL is expected to welcome a number of new projects, which might provide XRP with the much-needed boost.
