The recent price surge of XRP to $3.66 has garnered investor attention, but market trends are shifting. XRP is facing declining user engagement and falling open interest in derivatives.
Declining XRP Market Activity
XRP has seen a price drop following three consecutive days of decline, with open interest on the futures market falling from nearly $11 billion to $9 billion. Active addresses on the XRP Ledger have also decreased by 44% since July 18, indicating a drop in investor confidence.
Emergence of New Altcoin DeSoc
The new altcoin DeSoc is gaining attention by creating a decentralized social media platform where users can share content while retaining control of their data. Content is recorded on the blockchain, and creators can monetize exclusive content and subscriptions using $SOCS tokens.
Outlook for Investors
With XRP's market signals flashing caution, many investors are reallocating to DeSoc's presale, as the current price prediction for XRP and decreasing speculative activity lead investors to seek more stable alternatives. DeSoc offers functionality and transparency, which is generating growing interest.
Given current market trends and the potential for XRP's price to dip below $3, investor attention is shifting towards DeSoc, which shows promise as a platform with real utility.
