The positive sentiment reflects strong and meaningful activity from the XRP community, despite the bears dominating the broader market.
The crypto market may be in a bear season now, but some assets are in the spotlight, thanks to their strong communities. One such cryptocurrency is XRP, the native asset of the XRP Ledger (XRPL), otherwise known as the Ripple Network.
Recent data from the asset management giant Grayscale ranked XRP as the second-most-discussed asset in the platform’s community, after bitcoin (BTC). This reflects strong and meaningful activity from the XRP community.
The Second Most Talked-About Asset
According to a voiceover from Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary, during the Ripple Community Day, XRP has a broad, vibrant community with “diehard fans.”
Grayscale advisors have reported that their clients are constantly asking about XRP. The asset is even considered the second-most discussed asset, behind BTC in some cases. Sharif-Askary revealed that a huge part of the excitement surrounding XRP is from persistent demand for products linked to the asset. Investors see the XRPL as a “battle-tested blockchain that has a real opportunity to capture market share” and are looking to tap into the ecosystem.
Additionally, the Grayscale product and research head believes the narrative and price sentiment surrounding XRP will change. The asset’s growth may have been delayed so far by lagging product-market fit and regulatory challenges. However, positive sentiment from the community is likely to change the narrative for the asset.
Bullish Predictions For XRP
Sharif-Askary’s remarks about positive community sentiment are echoed by weekly inflows into crypto investment products. CryptoPotato reported that most crypto funds just recorded a fourth consecutive week of outflows, but only products tied to assets like XRP saw positive flows.
Bitcoin and Ethereum have continued to lag in sentiment, with their investment products losing $133 million and $85 million, respectively, last week. XRP, on the other hand, attracted over $33.4 million, with relatively steady demand.
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Interestingly, analysts are making bullish price calls for XRP. Last weekend, XRP emerged as one of the top gainers in the market, rallying over 16%, amid predictions that the Ripple asset may have begun to decouple from other larger-cap cryptocurrencies. At the time of writing, data from CoinMarketCap showed XRP trading around $1.45, with a slight decline over the last 24 hours. Regardless of the downturn, market experts foresee a bullish breakout in the asset’s price trajectory over the coming weeks.
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