The rise in social activity of XRP will have this effect on its network

  • Ripple’s social stats activity has increased significantly and it has emerged among the top cryptocurrencies in the past 24 hours
  • Ripple’s on-chain position remained neutral as traders rekindled their interest in XRP in the futures market.

waves [XRP] Social mentions and engagement skyrocketed when the moon was crushed mentioned that XRP commitment has increased by up to 24 million. This means that the token has reached the pinnacle of community interaction among thousands of cryptocurrencies.

Source: LunarCrush

Read Anticipate ripple price 2023-2024

Loosen the screws on the corrugation

After the sudden surge, the growth of the XRP network failed to follow the trend and dropped to 2,776, according to Santiment. The measure had previously risen to 9,878 on November 13.

current reduction You know? Only a few new titles have been introduced into the Ripple series. Addresses that were already in the network impeded the performance of important transactions.

In addition, the volume of transactions in profit or loss is 1,445 at the time of writing. The requirement for this action meant that assets trading within the range had only moderate gains and losses. Therefore, an increase in social metrics rarely leads to significant gains for investors.

XRP gains, losses and growth of the network

Source: feeling

It appears that XRP investors have revived their interest in trading the token in the derivatives market. according to coinglass The open interest of XRP futures on almost all exchanges was positive.

In fact, this renewed interest has been in double-digit relative increases. So it was certain that the volume in the derivatives market was significantly filled.

Despite the increase, traders lost some of their money in the market. At the time of publication, there appears to be an even split of the total liquidations over the 24 hour period at $3.50 million. This indicates that the price of XRP has been fluctuating between gains and declines.

Ripple futures open interest

Source: Coinglass

Here are the cases of others

Aside from the interest in the derivatives market, the negative sentiment was in search of the beneficial optimism shown by the cryptocurrency community. And according to Santiment, the positive sentiment was 30.32, compared to the negative sentiment, which remained at 20.67.

Because of this condition, it was very likely that XRP might experience accumulation by investors in the coming days.

Positive and negative sentiments for XRP

Source: feeling

However, it is case with the SEC It did not have any significant update. Therefore, the recent social boom had less to do with the token discussion.

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