XRP Bulls Roar as Social Dominance Hits Yearly High Despite Crypto Crackdown!
The post XRP Bulls Roar as Social Dominance Hits Yearly High Despite Crypto Crackdown! appeared first on Coinpedia Fintech News
Amidst the crypto regulatory crackdown in the United States, XRP price continued to gain value against all odds. According to the latest crypto market data, XRP price exchanged around 49 cents, up approximately 7 percent during the early Asian trading session. On the other hand, Bitcoin and Ethereum prices were down about 3 percent during the same period to trade around $26.9k and $1,715, respectively.
The XRP market, heavily bolstered by the Ripple Labs’ businesses, has attracted crypto traders’ attention since the asset broke out of a multi-month logarithmic downtrend. However, the XRP price has experienced a strong weekly resistance level of around 200 MA. As a result, the bulls will have to push beyond $0.50 to overturn the 200 WMA to a support level.
XRP Social Dominance on the Rise
According to a recent report by market intelligence platform Santiment, XRP’s social media dominance has been on the rise since the beginning of the year. Perhaps the increased social media dominance is due to the expected Judge’s ruling according to lawyers closely following the Ripple vs SEC case.
XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside?
— John E Deaton (@JohnEDeaton1) March 26, 2023
As a result, Santiment has noted that XRP’s social dominance has hit its highest point of the year. Notably, the crypto social volume indicator as reported by Santiment measures the total number of social media text documents that contain keywords related to a given cryptocurrency.
“XRP’s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest,” Santiment noted.
The XRP price is expected to continue rallying in the coming weeks as FOMO traders enter the market.
