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Google Trends data shows that interest in XRP, one of the leading altcoins, has decreased. Some market experts see this as a strong buy signal for the altcoin.
Google Data Shows Decreased Interest in XRP
According to Google Trends data, search interest in XRP on Google, which peaked on July 13th, has decreased and as of September 6th, it has dropped to 7 globally and 5 in the US.
This decline in interest in the altcoin followed a relatively positive and negative decision by the US Southern District of New York District Court on July 13th, which stated that Ripple‘s XRP token sales did not violate federal securities laws, but its institutional sales did.
Does Google Trends Data Indicate a Potential Buying Opportunity?
The decrease in interest in XRP on Google does not necessarily mean a red flag for investors. Some market experts argue that the decline in interest on the search engine may indicate that the altcoin is far from being overhyped. As the investment strategy suggests, “buy when it’s boring, sell when it’s not,” it is argued that this strategy can be adopted for XRP at the moment and it is a good time to buy.
According to CoinGecko data, after the court decision, XRP experienced a rise above $0.90 but has been losing value since then. Current data shows that the altcoin is priced just above $0.50 with a 1.26% increase in the last 24 hours. XRP, which has been the subject of controversy, has lost almost all of its value after the court decision.
Ripple CTO David Schwartz said during the Future Outlook of XRPL at the first day of the Apex Dev Summit, “Apart from Bitcoin, XRP is currently the only digital asset in the US with regulatory clarity.” This regulatory clarity can provide a more stable environment for long-term investors and serve as an amplifier for future price movements.
