Popular cryptocurrency analytical platform Santiment reported a massive spike in XRP social dominance in the early hours of today while predicting an imminent surge in the coin’s price.
Prominent cryptocurrency analytical platform Santiment has provided new analysis regarding XRP, the sixth-largest crypto by market cap. In a tweet today, Santiment said XRP recorded an uptick in discussions in the early hours of today.
“#XRPNetwork has seen an uptick in discussion in Monday’s early hours,” Santiment noted.
According to Santiment, when traders talk about an asset while its price declines, it increases the possibility of its price hike to cancel out shorts, greed, and FUD (Fear, Uncertainty, and Doubt).
Notably, XRP’s discussion rate in the early hours of today marks the largest spike the crypto asset has recorded since May. Per Santiment, the FUD could propel the price of XRP to surge.
?️ #XRPNetwork has seen an uptick in discussion in Monday's early hours. Generally, when traders are increasing discussions of an asset while its price has been declining, it increases the probability of a price rise to cancel out #FUD & greedy #shorts. https://t.co/nMgmfe25Tw pic.twitter.com/cc2REyl2pQ
— Santiment (@santimentfeed) July 10, 2023
Furthermore, the chart attached to the tweet shows a massive growth in XRP’s social dominance.
SEC v. Ripple Case Fuel XRP Discussions
It is not surprising to see XRP record a spike in social dominance. The crypto asset has been an important topic of discussion, as the crypto community anticipates the summary judgment decision for the SEC vs. Ripple case.
The multi-year legal battle is focused on whether Ripple violated federal laws by offering and selling XRP as a security. Notably, the summary judgment briefings were completed in December 2022. Consequently, the judge is expected to issue the ruling at any moment.
Meanwhile, XRP community members have been considering a suitable approach to help expedite the ruling.
As reported earlier, some enthusiasts are considering writing letters to Judge Analisa Torres. However, CryptoLaw founder attorney John Deaton warned against the move, saying nothing good will come from it.
Santiment Predicts “Bounce” for XRP
The development comes a few days after Santiment reported that XRP could soon experience a price bounce. As reported, Santiment said XRP and ADA are the two top crypto assets being sold at a loss.
Per Santiment, the development explains the reason behind XRP and ADA price decline in recent times. Although the activity has plunged the prices of XRP and ADA, Santiment noted that the situation could set the assets on the path of an imminent rally.
XRP is trading at $0.472 at the time of writing. The sixth-largest crypto is up 1% in the past 24 hours. However, the cryptocurrency is down 2.2% in the past seven days, CoinGecko data shows.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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