Connect with us
Active Currencies 13845
Market Cap $2,437,725,909,842.61
Bitcoin Share 51.97%
24h Market Cap Change $-5.17

Ripple goes ‘social’ as its decoupling continues to…

3min Read

Ripple steals the spotlight with a social media frenzy and rising active addresses while its price trend dances to its own beat in market chaos.

Ripple surges in social mentions as price trend decouples from other altcoins

Share this article

  • 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.

Ripple social volume and dominance

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. 

Ripple active addresses

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%.

XRP/USD price move

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.

 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.