XRP’s social activity spike will have this impact on its network – Crypto News – Crypto News
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Ripple's [XRP] social activity spike will have this impact on its network Ripple's [XRP] social activity spike will have this impact on its network

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XRP’s social activity spike will have this impact on its network – Crypto News

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3 years ago

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  • Ripple’s social metrics activity increased tremendously and stood out among the top cryptocurrencies in the last 24 hours
  • The on-chain status of the Ripple chain remained in a neutral state as traders reignited their interest in XRP in the futures market

Ripple’s [XRP] social mentions and engagements soared as Lunar Crush Reported that XRP’s engagement spiked as much as 24 million. This meant that the token hit the height of community interaction among thousands of cryptocurrencies.

Source: LunarCrush

read Ripple’s Price Prediction 2023-2024

Loosening the bolts on Ripple

Following the spike, XRP’s network growth failed to follow the trend and fell to 2776, according to Santiment. The metric had previously surged to 9878 as of 13 November.

The current decrease signified that only a few new addresses have been onboarded on the Ripple chain. The addresses that already existed on the network have held back on performing significant transactions.

In addition, the transaction volume in profit or loss was 1.445 as of this writing. The condition of this metric meant that the assets transacted within the interval were only in moderate profits and losses. Hence, the social metric increase rarely sparked substantial profits for investors.

XRP profit, loss, and network growth

Source: Santiment

XRP’s investors seem to have reignited their interest in trading the token in the derivatives market. according to coinglass, XRP’s futures open interest across almost all exchanges has been positive.

In fact, this renewed interest was in double-digit percentage increases. So, it was certain the volume in the derivatives market had been filled tremendously.

Despite the increase, traders had lost some of their funds to the market. At press time, there appears to be an equal division of the total 24-hour $3.50 million liquidations. This implies that the XRP price has been swinging between upticks and decreases.

Ripple futures open interest

Source: Coinglass

Here’s the state of others

Irrespective of the derivatives market interest, the negative sentiment was in pursuit of drawing down the beneficial optimism displayed by the crypto community. According to Sentiment, the positive sentiment was 30.32, compared to the negative sentiment, which remained at 20.67.

Due to this state, it was highly likely that XRP could be the subject of accumulation by investors in the coming days.

XRP positive and negative sentiment

Source: Santiment

Nevertheless, its case with the SEC has had no significant update. Hence, the recent social spike had less to do with the discussion around the token.

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