- Ripple [XRP] decouples from the market, with an upward trend of over 26% from 9 May to 9 June.
- Ripple’s social volume and dominance spiked as the crypto market grappled with the latest development from the SEC.
The prevailing cryptocurrency landscape witnessed a decline in crypto assets primarily due to fear, uncertainty, and doubt (FUD). However, amidst this tumultuous trend, Ripple [XRP] stood out as an exception, seemingly detached from the prevailing market fluctuations. Furthermore, according to recent data, XRP garnered increased attention and discussion within the crypto community.
– Realistic or not, here’s XRP market cap in BTC’s terms
Ripple trends upwards
If we delve into the daily timeframe chart and utilize the price range tool, an interesting Ripple trend emerges. Notably, XRP has exhibited substantial gains during this period.
From 9 May to 9 June, the price trend tool revealed an upward trajectory, culminating in an impressive surge of over 26%. As of this writing, Ripple was trading at approximately $0.5, showcasing a modest but noteworthy increase of nearly 1%.
Analyzing the chart further, Ripple had managed to maintain a steady trading range since 30 May, bucking the trend observed among other altcoins that experienced declines. Moreover, the Relative Strength Index (RSI) painted a bullish picture for XRP, with its line residing comfortably above the 60 mark, indicating a positive trend.
The Moving Average Convergence Divergence (MACD) also supported this positive sentiment, as it depicted the trend line of Ripple above the zero thresholds.
Examining CoinMarketCap data provided additional insights into Ripple’s recent performance. Over the past seven days, XRP witnessed a commendable increase of over 2.4%. Additionally, the market cap of Ripple experienced a growth of more than 1.5%, reaching a figure of approximately $27 billion as of this writing.
Ripple sees an increase in social volume
The recent developments surrounding Ripple have generated a notable surge in interaction within the crypto community. As indicated by the social metrics provided by Santiment, Ripple experienced a significant uptick in its social volume and dominance on 7 June.
The social volume witnessed a remarkable spike, reaching approximately 7,830, its highest point in nearly ten months. Concurrently, the social dominance of Ripple also experienced a surge, surpassing 4% during the same period.
This spike in social activity can be attributed to the ongoing legal case involving Ripple, which is similar to current cases filed against other altcoins. However, as of this writing, both the social volume and dominance of Ripple had receded from their peak levels, even as the price of Ripple continued its upward trajectory.
A look at other altcoins
A comparison of the price trends between XRP and other crypto assets, such as Polkadot [DOT] and Solana [SOL], revealed significant disparities in their respective trajectories.
On the daily timeframe chart, DOT has been characterized by a downtrend during the same period XRP displayed an uptrend. From 9 May to 9 June, DOT experienced a decline of approximately 5% in value and was currently trading at a loss.
– How much are 1,10,100 XRPs worth today
Similarly, according to its daily timeframe chart, Solana had also exhibited a downtrend. Between 9 May and 9 June, SOL suffered a loss of around 13% in value. However, SOL had regained some ground, trading at a profit of almost 1% as of this writing.
Credit: Source link