Ripple
Ripple goes ‘social’ as its decoupling continues to…
Posted:
| Last updated: January 30th, 2024
editors
- Ripple’s social volume and dominance recently hit its highest point in over a year.
- XRP’s price trend showed a strong bullish trend and signs of decoupling from the general market trend.
Ripple (XRP) is currently buzzing with excitement and has become the center of attention, according to new data from Santiment. The project ignited curiosity. Interestingly, various important metrics also displayed notable signs of substantial growth.
Ripple social mentions top the chart
Santiment’s latest report on May 31 revealed that Ripple experienced a remarkable surge in social volume, capturing significant attention in online discussions. The social volume chart indicated that on May 31, there were nearly 3,000 mentions of XRP.
As of this writing, the volume remained high, nearing 2,000 mentions. This current level marked the project’s highest social volume in over a year, as depicted by the chart.
Source: Santiment
Furthermore, Ripple witnessed a notable upswing in social dominance. On May 31, XRP’s social dominance exceeded 5%, signifying its prominence in conversations compared to other cryptocurrencies.
However, as of this writing, the social dominance had nearly doubled, surpassing 9%. This represented the highest social dominance level XRP had achieved in over a year.
These social metrics implied that discussions around XRP accounted for over 9% of crypto-related conversations. This surge in interest could be attributed to the growing optimism surrounding the ongoing Ripple vs. SEC case, which appears to be approaching its conclusion.
Active addresses and volume spike
A look at the seven-day and 30-day active addresses metric of XRP showed that there had been a significant spike recently. The 30-day active addresses metric on Santiment showed that there was a spike around March to April before the recent spike.
In those periods, the number of active addresses was around 1 million. However, there was a sharp decline later in April and better parts of May with less than 300,000 active addresses.
As of this writing, however, the number of active addresses has picked up. It was now around 998,000, closer to the range it saw in early April.
Source: Santiment
Furthermore, the volume also saw a significant spike recently. As of May 31, the volume was around 2.2 billion, up from the previous region of around 1 billion. As of this writing, it already had over 1.3 billion.
Price trends show decoupling
Based on CoinMarketCap data, Ripple experienced a notable increase of over 9% in value over the past month. This upward trajectory was also reflected in its market capitalization volume, as reported by CoinMarketCap.
However, when looking at the daily timeframe chart, XRP concluded May with a loss and started the new month on a downward trend. As of this writing, it was trading at around 0.50, representing a loss of nearly 2%.
Source: TradingView
Despite the current downtrend in price, the Relative Strength Index (RSI) indicated a strong bullish trend for XRP. The RSI revealed that XRP had recently moved down from the overbought zone, suggesting a potential correction in price.
Realistic or not, here’s XRP’s market cap in BTC terms
Moreover, the current price trend demonstrated that XRP had deviated from the price trends of other altcoins, indicating a decoupling effect.
Overall, the surge in social volume observed earlier impacted Ripple’s price trend and other significant metrics. However, it appeared that a correction was underway, and there was a possibility of further price decline in the coming days.
