Connect with us

XRP

XRP’s social activity spike will have this impact on its network

Published

on

Ripple's [XRP] social activity spike will have this impact on its network
Source: Pexels


  • Ripple’s social metrics activity increased tremendously and stood out among the top cryptocurrencies in the last 24 hours
  • The on-chain status of the Ripple chain remained in a neutral state as traders reignited their interest in XRP in the futures market

Ripple’s [XRP] social mentions and engagements soared as Lunar Crush reported that XRP’s engagement spiked as much as 24 million. This meant that the token hit the height of community interaction among thousands of cryptocurrencies.

Ripple social mentions and engagements

Source: LunarCrush


Read Ripple’s Price Prediction 2023-2024


Loosening the bolts on Ripple

Following the spike, XRP’s network growth failed to follow the trend and fell to 2776, according to Santiment. The metric had previously surged to 9878 as of 13 November.

The current decrease signified that only a few new addresses have been onboarded on the Ripple chain. The addresses that already existed on the network have held back on performing significant transactions.

In addition, the transaction volume in profit or loss was 1.445 as of this writing. The condition of this metric meant that the assets transacted within the interval were only in moderate profit and losses. Hence, the social metric increase rarely sparked substantial profits for investors.

XRP profit, loss, and network growth

Source: Santiment

XRP’s investors seemed to have reignited their interest in trading the token in the derivatives market. According to Coinglass, XRP’s futures open interest across almost all exchanges has been positive.

In fact, this renewed interest was in double-digit percentage increases. So, it was certain the volume in the derivatives market had been filled tremendously.  

Despite the increase, traders had lost some of their fundings to the market. At press time, there seems to be an equal division of the total 24-hour $3.50 million liquidations. This implied that the XRP price has been swinging between upticks and decreases.

Ripple futures open interest

Source: Coinglass

Here’s the state of others

Irrespective of the derivative market interest, the negative sentiment was in pursuit of drawing down the beneficial optimism displayed by the crypto community. According to Santiment, the positive sentiment was 30.32, compared to the negative sentiment, which remained at 20.67.

Due to this state, it was highly likely that XRP could be the subject of accumulation by investors in the coming days.

XRP positive and negative sentiment

Source: Santiment

Nevertheless, its case with the SEC has had no significant update. Hence, the recent social spike had less to do with the discussion around the token.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.