As the cryptocurrency sector opens the week on a slightly bearish note, reversing the earlier gains kickstarted by the spot Bitcoin (BTC) exchange-traded fund (ETF) application by the world’s largest asset manager, BlackRock (NYSE: BLK), the social activity surrounding XRP indicates the token could be looking forward to better days.
Indeed, the discussion around the XRP network has witnessed a massive surge in the early hours of the new week, suggesting a price increase could follow, according to the analysis shared in a tweet by blockchain and crypto monitoring platform Santiment on July 10.
Specifically, the social volume of XRP in the early hours of July 10 briefly soared to 2.77, and its social dominance to above 25, recording the largest spike in XRP discussion rate since May, as the platform’s team explained.
Price gains to follow?
According to the analytics platform’s explanation, this could indicate a possible price increase that could override the current negative sentiment presenting around the XRP token in the days to come:
“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 [fear, uncertainty, doubt (‘FUD’)] & greedy shorts.”
At the same time, the Santiment data indicates that a couple of other major cryptocurrencies by market capitalization, including Bitcoin and Shiba Inu (SHIB), have witnessed similar trends in social trends, suggesting they, too, could experience bullish price action.
XRP price analysis
As things stand, XRP is currently trading at the price of $0.4685, which represents a decline of 0.49% in the last 24 hours, adding up to the 3.17% loss across the previous seven days and a drop of 5.39% over the past month, as per the latest data retrieved on July 10.
Meanwhile, in addition to the above social trends, the increase in the price of XRP could also depend on other factors surrounding its ecosystem, including the outcome of the lawsuit filed by the United States Securities and Exchange Commission (SEC) against blockchain company Ripple years ago.
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