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Title: Was the SEC Unintentionally Boosting XRP’s Popularity? Search Trends Crash After Ripple Lawsuit Ends
The recent conclusion of the long-standing Ripple vs. SEC lawsuit has led to a flurry of questions regarding the potential impact on XRP’s price and its popularity. In this article, we will explore whether the SEC’s silence may have inadvertently boosted XRP’s appeal.
At first glance, it may seem counterintuitive that the SEC’s inaction would have any positive effect on XRP’s reputation. However, data suggests otherwise. A recent analysis of Google Trends reveals a stark contrast between XRP’s search interest and its price performance. Prior to the lawsuit’s conclusion, XRP’s search trends were at an all-time high, peaking at 100 in January during Ripple’s appeal deadline.
Notably, this surge in popularity coincided with a 5% price increase for the cryptocurrency. This correlation has led many to speculate that the SEC’s involvement and the subsequent legal battle may have inadvertently fueled XRP’s growth. The constant mentions of XRP on social media, as well as high-profile lawyers joining the case, all contributed to an unprecedented amount of attention being directed towards the cryptocurrency.
Fast-forward to the present, with the lawsuit now concluded, and the search trends for XRP have taken a dramatic turn. According to Google Trends, the search interest has plummeted to a new low of 16, indicating a significant decline in public interest. This drop is eerily reminiscent of past events where market sentiment shifted following negative news or a lack thereof.
It is crucial to consider that this unexpected drop in XRP’s popularity may not necessarily translate to a correlated decline in price performance. The cryptocurrency market has consistently defied expectations and logic, making it challenging to accurately predict future outcomes.
In conclusion, while the SEC’s silence may have inadvertently fueled XRP’s growth earlier on, it is unclear whether this will continue now that the lawsuit has concluded.
Source: https://coinpedia.org/news/was-the-sec-unintentionally-boosting-xrps-popularity-search-trends-crash-after-ripple-lawsuit-ends/
