XRP piques community interest amidst price volatility
- XRP emerged as one of the top crypto searches.
- Daily active addresses remained low as XRP reclaimed $0.7.
Recent data indicated that Ripple [XRP] continued to capture significant attention from the crypto community. Alongside the rise in searches, are there other underlying metrics that have experienced noticeable increases?
Read Ripple’s [XRP] Price Prediction 2023-24
Ripple gets the most searches
On 25 July, a trend report by Lunar Crush revealed that Ripple’s XRP was the most-searched cryptocurrency on their platform.
Top ten current trending searches? on https://t.co/Ye6Yvoh7kQ
— LunarCrush (@LunarCrush) July 25, 2023
This momentous achievement should come as no shock, especially given the recent legal triumph that XRP secured. The triumph was then met with a resounding rise in its price trajectory.
Witnessing a powerful price surge, XRP reclaimed the heights it once proudly occupied before the ominous cloud of SEC-induced FUD (Fear, Uncertainty, and Doubt) emerged following the lawsuit.
Social dominance gradually recedes
The past two months have been nothing short of eventful for Ripple, and its prominence on social media, as measured by Santiment, has mirrored this excitement. Looking at the chart, we can observe a notable surge in its social dominance during late May and early June, when it peaked at over 4%.
The surge was likely driven by rumors of an impending ruling, igniting fervent discussions about Ripple.
However, the most significant spike in social dominance occurred on 13 and 14 July, skyrocketing to an impressive 14%. The ruling sparked this surge, which captured the crypto community’s attention.
As of this writing, Ripple’s social dominance was over 2%, which might seem relatively low, but it still demonstrated its noteworthy presence in discussions within the crypto sphere.
Ripple’s daily active addresses remain low
Amidst all the buzz surrounding Ripple, the number of daily active addresses on its network has remained relatively low, as Santiment’s metric indicates.
Since the recent ruling, the highest daily active addresses recorded were around 56,000, which pales compared to the peak of over 870,000 in March this year. There were only about 4,600 active addresses as of this writing, signifying a significant decrease.
The data on the total number of XRP holders further accentuates the low activity. Santiment revealed that there were around 4.7 million holders as of this writing. This suggested that many holders have remained passive and relatively inactive so far.
While there was a notable surge in interest and engagement earlier in the year, these metrics point to reduced activity. It also pointed to a subdued involvement from the XRP community.
XRP reclaims its $0.7 price range
Ripple’s daily timeframe chart experienced a significant decrease in value, amounting to over 4% on 24 July. The drop caused Ripple’s price to fall below its recently established range of $0.7.
However, the following trading session on 25 July brought a slight recovery, with Ripple increasing by almost 1%. With the increase, it reclaimed the $0.7 range. As of this writing, Ripple was still trading at a loss, albeit less than 1%, but it maintained a value close to $0.7.
Looking at the Moving Average Convergence Divergence (MACD) indicator, it had flipped below zero, which aligned with the market downtrend in the market.
On the other hand, the Relative Strength Index (RSI) line remained above the average line. This indicated that the asset was still experiencing a bullish trend.
How much are 1,10,100 XRPs worth today?
Although Ripple continues to hold a notable share of the discussions in the crypto space and remains a popular search topic, many holders have been adopting a wait-and-see approach.
However, this situation might shift once the initial excitement gives way to a clearer regulatory landscape.