Ripple community shrinks by 60%

April 18, 2020 Editor Bitcoin 0

  • Data from eToro and TIE shows that the Ripple community (XRP) is rapidly shrinking. In two years it has lost about 60% of its users. 
  • On the crypto exchange eToro, 50% of users have invested in XRP compared to 35% who have chosen to invest in Bitcoin (BTC). 

Data collected by the crypto exchange eToro and the researchers of “The TIE” show a negative trend for Ripple (XRP). The report “The State of Digital Assets, Q1 2020” has found that the Ripple community, known as “the XRP army”, has been shrinking rapidly over the past two years.

Why has the Ripple community shrunk?

The report shows that the number of users in the Ripple community has fallen by more than 50% since October 2018 and by 82% since January 2018. In early 2018, XRP’s community reached its all-time high. In contrast to that the report states that Bitcoin has lost 58% of its active community since the fall from its all-time high.

In the first four months (Q1) of 2020, Ripple has seen a 9.51% drop in the number of users talking about the cryptocurrency on the social network Twitter. Since then, Ripple’s token has lost about 16% of its value. Although the report measures activity on a different platform, it is interesting that in this period the number of Bitcoin searches in the Baidu Data Index show a strong increase of 183%, with search terms like “Bitcoin Halving”, “Bitcoin Halving price chart” and “Bitcoin Halving prediction” leading the trend.

Data shared by the trader Zytek also shows that there has been a decline in the number of active members of the Ripple community in Telegram. Data analysed by Zytek shows that there has been a massive “community capitulation” from June 2018 to April this year.

Among the cryptocurrencies that have lost the most members are Ripple with 63.89%, Litecoin with 72.64% and EOS with 57.72%. Therefore, there seems to be a relationship between the performance of the token and the active community in the network. Recently, a new report by Messari showed that Ripple’s token (XRP) was the worst performing asset in the first quarter of 2020.

eToro users prefer XRP instead

On the other hand, eToro‘s report shows that 54.5% of its global users have invested in XRP. After Ripple’s token, Bitcoin is the second most invested asset on the exchange with 35.1%, followed by Ethereum with 23.9% and Litecoin with 14.5%.

At the time of publication, XRP’s price was trading at $0.19 with a gain of 0.28% in the last 24 hours. On the weekly chart, XRP shows a slight gain of 0.53% and on the monthly chart a strong rebound from the crash in mid-March of 28.98%.

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