Prominent cryptocurrency analytical platform Santiment has released a new analysis indicating a surge in XRP’s Social Dominance. In a recent tweet, Santiment highlighted an increase in conversations related to XRP during the early hours of Monday.
🗣️ #XRPNetwork has seen an uptick in discussion in Monday's early hours. Generally, when traders are increasing discussions of an asset while its price has been declining, it increases the probability of a price rise to cancel out #FUD & greedy #shorts. https://t.co/nMgmfe25Tw pic.twitter.com/cc2REyl2pQ
— Santiment (@santimentfeed) July 10, 2023
According to Santiment, when traders actively discuss an asset during a price decline, it enhances the likelihood of a subsequent price hike that can counter short positions, greed, Fear, Uncertainty, and Doubt (FUD). Santiment suggests that the spike in XRP’s discussion rate in the early hours of the day represents the most significant surge the cryptocurrency has experienced since May. The platform speculates that this increase in FUD could potentially propel the price of XRP to surge.
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XRP’s Social Dominance Surges
The surge in social dominance for XRP does not come as a surprise, as the cryptocurrency has been a focal point of discussion within the crypto community awaiting the summary judgment decision for the SEC vs. Ripple case. This legal battle, which has spanned multiple years, revolves around the question of whether Ripple violated federal laws by offering and selling XRP as a security. The summary judgment briefings for the case concluded in December 2022, and the judge is expected to issue a ruling imminently.
Meanwhile, members of the XRP community have been exploring strategies to expedite the ruling. The recent spike in social dominance and discussions surrounding XRP indicates the anticipation and interest within the community as they await the outcome of the SEC vs. Ripple case.
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This development follows Santiment’s earlier report suggesting that XRP might experience a price bounce. The analytical platform noted that XRP, along with ADA (Cardano), were the top two cryptocurrencies being sold at a loss. Santiment explains that this selling activity has contributed to the decline in the prices of XRP and ADA. However, the platform also speculates that this situation may set the stage for an imminent rally in the prices of these assets.
As the crypto community eagerly awaits the ruling in the SEC vs. Ripple case, the increased discussion and social dominance of XRP suggest that market participants are closely monitoring the outcome and its potential implications for the cryptocurrency industry as a whole.
XRP is trading at $0.472 at the time of writing. The sixth-largest crypto is up 1% in the past 24 hours. However, the cryptocurrency is down 2.2% in the past seven days, CoinGecko data shows.Â
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