- XRP’s social volume has been steadily rising due to the upcoming Ripple Swell event and a new exchange partnership
- Hike in development activity, active address metrics pointed to bullish potential
XRP has been consolidating below its key resistance level at $0.55 since 3 October. However, that might change soon, especially since bullish momentum may be building up on the altcoin’s charts now.
This shift in market sentiment is likely to gain more traction as several key developments are in Ripple’s pipeline right now. However, the big question is – Will these factors push XRP out of its consolidation phase?
Source: TradingView
Ripple’s Swell event and social buzz drive interest
One of the key standout metrics is XRP’s growing social volume, indicating growing public interest. Many analysts associate the hike with the recent social mentions about the upcoming Swell event by Ripple and an exchange partnership for its stablecoin – Ripple USD.
The announcement of a partnership with exchange platforms to launch Ripple USD (RLUSD) is among the driving factors behind the hike in social volume. This will no doubt further solidify Ripple’s ecosystem, lending more to the altcoin’s bullish momentum.
These two events put XRP in a strategically advantageous position to be the talk of the town within the crypto community.
Source: Santiment
XRP development activity spikes
According to Santiment, Ripple’s development activity surged over the last 24 hours too. This surge is definitely an indication that innovation within the XRP ecosystem has been rising lately. The uptick has been going side by side with the release of new products, among other partnership announcements.
In most cases, the correlation between development activity and price action tends to be a good indicator of long-term price growth. And, XRP is not an exception to that rule.
Source: Santiment
Trading activity takes shape
Finally, XRP trading activity has been on the rise lately, as indicated by the uptick in active addresses. More market participants are entering the market too – A sign of growing confidence in the asset’s potential.
This spike in trading activity lends weight to the argument that XRP’s bullish momentum may be building and could be closer to a breakout on the charts.
Source: Santiment
Is XRP set for a bull run?
Thanks to the growing social volumes, high development activity, and hike in active addresses, XRP is looking very potent for a strong bull run.
While the price is still consolidating below $0.55, on-chain metrics are promising enough to suggest that soon, the altcoin could break this barrier.
