XRP social activity has risen sharply
XRP Coin Trading Volume Exceeded Bitcoin Trading Volume
The pump, provoked by the activity of Reddit users, has declined
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Ripple Labs, a cryptocurrency of fintech startup, is at the peak of popularity on social networks, despite problems with the American regulator
Interest in the coin of the fintech startup Ripple on social networks has reached record heights, and in terms of trading volume XRP left Bitcoin behind
XRP on the march
XRP has fully recovered after the December crash. According to the aggregator of statistical and on-chain data Santiment, the rise in the XRP rate coincides with an unprecedented rise in the activity of supporters of the coin on social networks. By the number of token mentions As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More approached the peaks of 2018.
$ XRP broke out to a high of + 62% on the day (~ $ 0.47) before retracing back to a now still 5-week high of $ 0.39. Our social volume metrics note that this gain in interest was the highest since Sep. 21, 2018, when $ XRP surged from $ 0.32 to $ 0.77 in a day. https://t.co/kFYzGunHkT pic.twitter.com/xnUfZxMYZV
– Santiment (@santimentfeed) January 30, 2021
The social activity indicator takes into account the number of mentions of the digital currency across different platforms. It helps identify emerging market sentiment and investor engagement.
On a weekly basis, the growth of the indicator significantly exceeds the previous record values. As of January 30, 2021, the number of mentions of the Ripple cryptocurrency at its peak reached 1,350. According to Santiment, the growth in interest peaked since September 21, 2018, when XRP rose from $ 0.32 to $ 0.77 per day.
XRP Mentions on Social Media: Santiment
These data are supported by other indicators. The number of active addresses and the volume of transactions are also at record heights. Between January 28-30, the number of active wallets almost doubled, from 10,776 to 20,298. Transaction volumes also skyrocketed, leaving Bitcoin behind.
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In addition, the sudden increase in such indicators suggests that XRP still has upside potential..
At the time of publication, the average daily trading volume for XRP was almost $ 12 billion, for bitcoin – $ 10 billion. The bitcoin rate has also grown significantly in recent years, but in terms of trading volumes it did not manage to become the market leader. The same goes for Dogecoin. Coin came in fourth in terms of trading volume with $ 3 billion.
$ XRP has surpassed #Bitcoin in volume, becoming the most traded crypto asset.
Source: https://t.co/xopK6S6gWh (the most accurate website for top tier and real volume) pic.twitter.com/YoeqC0eRoU
– Panos $ XRP (@panosmek) January 31, 2021
Ripple like a phoenix bird
XRP fell from $ 0.58 to a low of $ 0.23 after a local peak of $ 0.77 between November and December. XRP’s market cap has been hovering at lows for a while in anticipation of bulls. As soon as buyers returned to the market, the coin quickly regained all losses and tested an intraday high of $ 0.75. However, this time the growth was short-lived. XRP is trading at $ 0.41 at the time of writing.
XRP / USD hourly chart. Source TradingView
Ripple (XRP) – currently the fourth largest cryptocurrency by CoinMarketCap – made a breakthrough with retail investors from the WallStreetBets thread on the reddit forum.
Forum residents are also likely to be involved in Dogecoin’s volatility. Earlier, the editorial staff of BeInCrypto reported that retail traders use other social networks, for example, Telegram, to coordinate actions..
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