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XRP's Social Dominance Spikes After Massive Price Gain

Wed, 03/29/2023 - 18:18
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Tomiwabold Olajide
XRP might be set to close its fifth consecutive day of gains
XRP's Social Dominance Spikes After Massive Price Gain
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XRP, the sixth largest cryptocurrency, has seen a significant spike in its social dominance, data from social analytics platform LunarCrush indicates.

XRP took the lead in trending social activity and leading trading activity in a basket of 10 coins. XRP also ranked first in the top 10 current trending searches, per LunarCrush.

XRP extended its rally, gaining 12% in the past 24 hours. At the time of writing, XRP was trading at $0.55 after reaching intraday highs of $0.584. The cryptocurrency is also up 24% weekly.

Taken from March 24, XRP might be set to close its fifth consecutive day of gains.

Optimism about the classification of Bitcoin and Ethereum as commodities in the U.S. Commodity Futures Trading Commission (CFTC) filing against Binance might have boosted XRP sentiment.

For over two years, Ripple has been entangled in a legal battle with the U.S. Securities and Exchange Commission (SEC), which alleges that the sales of XRP were an unregistered security offering.

Positive catalysts for XRP's massive price gain

Digital GenFin founder and XRP enthusiast who goes by the name "Panos" thinks the XRP run is the result of a combination of events that creates a positive cycle, and he does not believe it will stop.

He says that aside from the optimism in the Ripple-SEC lawsuit contributing to the XRP price increase, another positive catalyst is the fact that XRP has been highly undervalued and suppressed for years — especially since the case began.

Another positive catalyst he highlighted is utility, as hundreds of projects are currently building on top of XRPL and using XRP for multiple use cases. There are also lots of upcoming developments and innovations such as smart contracts, sidechains and AMM.

XRPL Noncustodial Wallet Unveils 'Big Release' Testing That Might Boost Retail Adoption

Also, misinformation about XRPL is gradually being dispelled as its awareness grows, with crypto users learning what XRPL/XRP is capable of and that it is decentralized after years of endless misinformation hiding its amazing features.

Lastly, XRP and Ripple are seeing positive bias even from such renowned critics as the founder of Messari as the SEC lawsuit draws to an end.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.