Ripple (XRP) has recently generated significant excitement and captured the spotlight, according to Santiment’s latest data. The project has sparked curiosity, and various key indicators have grown remarkably.
In Santiment’s report on May 31, it was revealed that Ripple experienced a remarkable surge in social volume, drawing substantial attention in online discussions. The social volume chart indicated that XRP was mentioned nearly 3,000 times on that day.
As of now, the volume remains high, with nearly 2,000 mentions. This represents the project’s highest social volume in over a year, as depicted by the chart.
Additionally, Ripple has witnessed a notable increase in social dominance. On May 31, XRP’s social dominance surpassed 5%, indicating its prominence in conversations compared to other cryptocurrencies.
However, social dominance has nearly doubled since then, surpassing 9%. This marks the highest level of social dominance for XRP in over a year.
These social metrics suggest that discussions about XRP account for over 9% of crypto-related conversations. This surge in interest can be attributed to the growing optimism surrounding the ongoing Ripple vs. SEC case, which appears to be nearing its conclusion.
Moreover, there has been a significant spike in active addresses and volume for XRP. The seven-day and 30-day active addresses metric shows a recent surge. The 30-day active addresses metric on Santiment indicates a spike in March to April, followed by a decline in April and May.
However, the number of active addresses has picked up recently and is now around 998,000, approaching the levels seen in early April.
Similarly, the volume has also seen a significant increase. On May 31, the volume reached around 2.2 billion, up from the previous region of around 1 billion. As of now, the volume has already surpassed 1.3 billion.
Examining price trends, Ripple has experienced a notable increase in value of over 9% in the past month, according to CoinMarketCap data. This upward trajectory is also reflected in its market capitalization volume.
However, when looking at the daily timeframe chart, XRP concluded May with a loss and started the new month on a downward trend. Currently, it is trading at around 0.50, representing a loss of nearly 2%.
Despite the current downtrend, the Relative Strength Index (RSI) indicates a strong bullish trend for XRP. The RSI suggests a potential correction in price as XRP recently moved down from the overbought zone.
Furthermore, the current price trend shows that XRP has deviated from the price trends of other altcoins, indicating a decoupling effect.
In summary, the surge in social volume has impacted Ripple’s price trend and other vital metrics. However, it seems that a correction is underway, and further price decline is possible in the coming days.
