XRP Records Highest Social Volume Gains Since 2018
3 min readRegardless of the high-profile SEC and class action lawsuits that have been thrown at Ripple Labs recently, its native XRP currency has continued to push forward.
The traction seen on social media platforms has begun to record new highs as XRP trade volume surpasses even Bitcoin’s market.
XRP Marches Forward
XRP has made a significant recovery from the price drop that happened within the last few weeks. Statistics from data aggregator, Santiment, reveals that the price surge seen with XRP coincides with massive gains in social media engagements that haven’t been seen since 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 volume metric records the number of mentions of a digital currency across different social media platforms. This can help indicate trending developments and increased investor engagement.
On the weekly time frame, the spike seen on XRP towers far above previous records. Social volume records from Jan. 30, 2021, show that Ripple’s engagement level went as high as 1,350 mentions at the peak of the frenzy. According to Santiment, “This gain in interest was the highest since Sep. 21, 2018, when $XRP surged from $0.32 to $0.77 in a day.”
Similarly, other metrics such as the number of active addresses and volume have accompanied these raging figures. The active wallets on the XRP network rose from 10,776 to 20,298 between Jan. 28-30. Transaction volumes also made a significant growth within this period, surpassing that of Bitcoin.
In addition, the sudden increment in metrics like these could indicate the possibility that XRP still has more room to grow.
As of press time, the total volume of XRP and BTC trading across exchanges was almost $12 and $10 billion respectively. Although Bitcoin recently made some gains, it has failed to dominate the market in this regard. This was also accompanied by Dogecoin, which has secured the fourth position with over $3 billion in volume.
Rising from the Ashes
XRP’s value had plunged from $0.58 to a low of $0.23 after a local peak at $0.77 between November and December. The market value of XRP began to trudge until the bulls made a comeback leading to a swift recovery.
XRP, which is currently the fourth-largest cryptocurrency according to CoinMarketCap, made this leap with the help of retail investors on the WallStreetBets Subreddit.
The Redditors were also credited for the extraordinary volatility seen in Dogecoin. These retail traders also made use of other social media platforms like Telegram to coordinate the push.
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