XRP gains attention as Bitcoin sees declines in social volume, coinciding with the recovery of altcoins and the release of Hinman emails.
Data shows that after Bitcoin’s social volume experienced a slight decline in the aftermath of its latest surge, the crypto community’s attention has shifted towards XRP. The shift in focus coincides with altcoins recovery and the recently released Hinman emails.
Santiment, a market intelligence platform specializing in on-chain and social metrics for over 2,500 cryptocurrencies, highlighted the shifting dynamics in a recent tweet. It noted that while Bitcoin’s social volume witnessed a marginal decrease, alternative cryptocurrencies like XRP have seen an uptick in discussions.
🗣️ With #Bitcoin's social volume finally declining ever so slightly after its March ascension, #Ethereum, #XRPNetwork, and #BinanceCoin are now getting increased discussion. #Altcoins continue recovering by varying degrees based on crowd confidence. https://t.co/JFGG5s76at pic.twitter.com/Vxwur2Qsds
— Santiment (@santimentfeed) June 14, 2023
XRP Volume Surge Ascribed to Hinman’s Emails
The release of the Hinman emails has likely played a significant role in driving the increased interest in XRP.
Notably, the statements made by William Hinman, the former director of the Division of Corporation Finance at the US Securities and Exchange Commission (SEC), wherein he denoted Bitcoin and Ethereum as non-securities, came out on June 13.
Recall that XRP climbed to rank among the top five most significant cryptocurrencies on the market, as reported by The Crypto Basic, following the document release.
The discussions surrounding XRP’s potential classification and regulatory clarity have fueled speculation and conversations among crypto enthusiasts.
Market participants have been closely following the ongoing lawsuit between Ripple and the SEC, hoping for a favorable outcome that would potentially exempt XRP from being considered a security.
Data from CoinMarketCap shows that XRP’s 24-hour trading volume is up by a staggering 117.70% after traders exchanged over $2.6 billion worth of the coin. Therefore, with altcoins showing varying degrees of recovery based on crowd confidence, XRP has emerged as a focal point for investors and traders.
Notably, the increased XRP social volume highlighted by Santiment signifies the growing interest in XRP and the belief that positive developments in the lawsuit could profoundly impact the digital asset’s future. Meanwhile, XRP is currently changing hands at $0.5046, down 4.61% in the last 24 hours.