It is safe to say that a lot of XRP investors are still very disappointed. Not much has gone right for Ripple’s native asset in 2020, but the momentum may be shifting around. Behind the scenes, this asset is still performing as well as one could expect.
A Viable Network for Transactions
Unlike Bitcoin and Ethereum, Ripple and XRP are designed to be used in very different ways. That is a positive thing, although it has also annoyed a lot of people to date. Not everyone sees merit in this “banker coin”, even though XRP’s use cases go well beyond the banking sector.
Judging by the transaction statistics, the network looks very healthy. Handling over 915,000 transactions per day has not proven to be any issue. Even the peak of 1.9 million transactions in late March was handled with ease. Ripple’s network is designed to accommodate a ton of transactions, and seems to be doing a good job so far.
Plenty of Development
Any project in the cryptocurrency and blockchain space needs to keep growing and evolving. To do so, existing code needs to be optimized, and new features can be added over time. Keeping tabs on the public GitHub repo for XRP shows that there has been a lot of active development for this project over the past six months.
Although the development seems to have slowed down a bit since Mid-June, there still is some activity taking place. Considering how this is an enterprise payment settlement network, it will be interesting to see what happens to the XRP Ledger over the coming months.
Social Enthusiasm is way Down but can Recover
Given the price performance of Ripple’s native asset, it is evident that the community is growing a bit more desperate. This can be seen when looking at the various social statistics. Social volume, contributions, and engagement are all down by at least 16% in the past 6 months.
On the other hand, the news volume and social sentiment appear to be on the rise. Making more media headlines tends to attract more social attention. Following the recent price surge to $0.205, the bullish sentiment has now increased by 69% again.
Liquidity is Crucial
Any cryptocurrency or digital asset will need ample liquidity to keep attracting new investors. Gauging the current rankings by liquid marketcap, XRP appears to be in a good place. It has the fourth-largest liquid marketcap of all crypto assets , behind Bitcoin, Ethereum, and – surprisingly – ChainLink.
With $6.443 billion in liquid market cap, it is evident that things are heading in an interesting direction for Ripple and XRP. Ensuring this growth can be sustained will result in more positive market momentum throughout the second half of 2020.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.
