Analyzing Increased XRP Google Search Queries Amid Drop In Value
The majority believe that Ripple’s planned rollout of xRapid is the reason behind this unexpected spike in the search.
Google Search For XRP Peaks in September
Google search data indicates that many people are enquiring about Ripple’s XRP. The searches are soaring high despite the cryptocurrency recording a decline in value. The search data is analyzed by Cryptovest. The search has been rising since last week Thursday.
Similarly, the search for bitcoin has declined. XRP searches reached the peak on Friday.
Come Tuesday, XRP search rate stands at 38% of the peak recorded last week. On the other hand, Ripple searches stand at 45% which is a significant figure. Last month, the two stood at 12% and 30% respectively.
Factors Behind The Spike in Searches
A number of factors have been cited as the reason behind the increased searches. The search seems to coincide with exchange volumes of XRP and Ripple. However, the searches do not seem to correlate with price movements. This is an explanation why the searches failed to revert back to normal levels before 19th September. On this date, market prices hit lows in the morning.
According to Christine Masters, the price behaviour might not be related to Ripple’s planned release of xRapid. XRapid is an affordable low liquidity service for financial institutions deploying XRP. She notes that this might have an impact on the value. xRapid ’s enquiry capacity hardly made an impact during the previous four days even at the point XRP achieved its highest point. Compared to XRP, xRapid highs was 2% on Friday.
Notable Conclusions Behind the Spike
With these data, we can come to a number of conclusions. It is clear that xRapid has no influence on XRP value. It was not responsible for the increased queries. Additionally, XRP and Ripple’s increased search made the coin peak. Lastly, the heightened queries didn't have much impact on the value.
Did Increased XRP Popularity Have An Impact On Trading Volume?
Analyzing data from the last day, XRPs’ trading capacity is steadily increasing. The crypto appears to be stable standing at $0.44 and $0.48. This position might stand until we have another notable breakout.