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While Bitcoin is currently testing the $106k level, another token is taking the spotlight: Ripple’s XRP. According to Google Trends, search interest for Ripple has reached an all-time high of 100 recently, besting the previous peak achieved in 2017.
Google Trends score is an important metric in almost all industries, including crypto. It captures consumers’ interest online on a scale of 0 to 100, with 100 reflecting peak popularity. In contrast, Ethereum boasts a low search interest this month with just 22 points. Bitcoin also remains a popular search term, scoring 75 from December 1st to 7th, triggered by its recent price rally.
Ripple’s XRP Continues To Generate Attention
XRP’s score on Google Trends reached 100 from December 9 to 15. This score was a massive leap from 40 of the previous week, reflecting the growing interest of the investing public in the asset. The surge in XRP’s popularity coincided with its price increase immediately after the US presidential elections.
Source: Google Trends
Ripple’s XRP price initially struggled under $1 but soon broke $1 during the third week of November before starting a blistering run above $2.60. The token’s market cap briefly flirted with the $150 billion level, making it the third biggest crypto after Ethereum and Bitcoin.
XRP’s Google Trends Score Gradually Drops
However, Google Trends data suggest users’ interest in Ripple is slowing down. After the peak last week, XRP’s score suddenly fell to 55 points from December 8th to 14th, and the trend suggests that it will continue to decline.
Google’s data indicates that attention on Ripple went down as soon as its price started to follow a sideways movement. Market analysts and commentators suggest that Ripple’s peak score was achieved primarily due to its recent price rally.
XRP Price Movement
Today, Ripple’s XRP is trading between $2.35 and $2.39. This has been the price movement of the token since December 10th, suggesting that the price is consolidating below $2.5.
After its impressive price rally, during which it nearly breached the $3 mark, Ripple’s XRP is still nearly 30% down from its peak price registered seven years ago. Trading volume has also dropped, suggesting a dip in investor participation.
Still, the investing public’s interest in XRP is high, and there have been some favorable news and developments. For example, the planned RLUSD stablecoin is generating a lot of attention.
According to some market analysts and commentators, the planned release of the stablecoin will boost the demand for the Ripple token, thus potentially increasing its price. Finally, there’s the buzz about the possible release of Ripple’s ETFs, which sustains the interest in the token.
Featured image from Pure SEO, chart from TradingView
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