The cryptocurrency market started the week with a slight bearish tone, reversing earlier gains sparked by BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) application. However, amidst this backdrop, the social activity surrounding XRP, the digital asset associated with Ripple, suggests that better days could be ahead.
An analysis shared by Santiment, a blockchain and crypto monitoring platform, indicates a surge in discussion around the XRP network in the early hours of July 10. This surge implies a potential price increase, as explained in a tweet by Santiment. Notably, XRP’s social volume briefly spiked to 2.77, while its social dominance exceeded 25, marking the highest discussion rate since May.
Santiment’s analytics platform explains that when traders increase discussions about an asset while its price is declining, there is a higher probability of a price rise, counteracting fear, uncertainty, and doubt (FUD) as well as greedy shorts. This suggests a potential shift in sentiment towards XRP in the coming days.
Interestingly, Santiment’s data reveals that other major cryptocurrencies, including Bitcoin and Shiba Inu (SHIB), have experienced similar social trends. This further suggests the possibility of bullish price action for these digital assets.
Currently, XRP is trading at $0.4685, reflecting a 0.49% decline in the last 24 hours. Over the previous seven days, XRP has experienced a 3.17% loss, and over the past month, it has dropped by 5.39%, according to the latest data as of July 10.
While social trends provide insight into potential price movements, other factors surrounding the XRP ecosystem can also impact its price. One significant factor is the outcome of the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple, the blockchain company behind XRP, which has been ongoing for years.
As XRP traders and investors eagerly monitor the social activity surrounding the token, the future price trajectory remains uncertain. However, the recent surge in social volume and the potential resolution of the SEC lawsuit offer some hope for XRP’s recovery and a brighter outlook for the digital asset in the near term.
