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XRP Pump Chances Now Higher Than Usual, Santiment Says, But There’s Catch

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Sat, 3/12/2022 - 10:36
XRP Pump Chances Now Higher Than Usual, Santiment Says, But There’s Catch
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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.

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.

Related

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.

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