Popular data aggregator Santiment has tweeted that the current top list of cryptocurrencies that are trending in social dominance includes XRP, XLM and SNT.
This may indicate a soon price surge, however, there is a catch here, Santiment analysts warn.
XRP, XLM,SNT’s social dominance spikes
Santiment tweeted that once a coin’s social dominance goes high, chances of its price rise become higher than usual. However, while these coins – XRP, XLM and Status (SNT) – are trending, Santiment warns, there is also a risk of a quick sell-off by those traders who are after a quick profit.
🗣️ #XRPNetwork, #Stellar, & #Status are all currently on the top trending list in #crypto Friday. These assets are all relatively even on the day, which means pump chances are higher than usual. But watch for a quick sell-off if they do while trending. https://t.co/puOnDyvhJp pic.twitter.com/wu3k5syQLw— Santiment (@santimentfeed) December 2, 2022
Over the past week, Ripple-affiliated coin XRP has risen in price by nearly 10 percent, jumping from $0.37316 to the $0.41003 level on the Bistamp exchange based in Luxembourg. However, by now, XRP/USD pair has dropped by 4.78 percent, trading at $0.39058.
XRP’s fall in early November was caused by the collapse of the FTX exchange and bankruptcy of it and its founder Sam Bankman-Fried. Back on November 7, XPR lost its recently gained $0.4747 level, crashing down to the $0.3341 low.
Affect of FTX crash on the market
The collapse of FTX has created a bearish wave in the cryptocurrency market, pushing back Bitcoin below the $17,000 mark and making manifold altcoins follow it down into the sea of red. Ethereum fell below $1,200.
By now, both Bitcoin and Ethereum have put up a small revival, as BTC is back above $17,000 on the news of the Fed intending to start making smaller rate hikes than earlier this year. BTC is now exchanging hands at $16,989, while Ethereum is trading at $16,989. BTC and ETH have risen by 2.25 percent and 4.25 percent, respectively.