World Crypto Global Official Site | xrp social volume

Author: Hououin Kyouma

XRP And Ethereum Seeing Increased Social Media Talk As Bitcoin Loses Interest

Data shows XRP and Ethereum are picking up social volume as investors have seemingly started to lose interest in Bitcoin. Bitcoin Social Volume Shows Drop, Traders Shift Focus Towards XRP & Ethereum According to data from the on-chain analytics firm Santiment, BTC’s social volume has decreased since its surge in March. The “social volume” here refers to a metric that tells us about the degree of discussion around a given cryptocurrency that social media users are participating in currently. The indicator measures this in terms of the total number of text documents (that, is the posts on various social media platforms like Reddit, Telegram, and Twitter) that are making mentions of the asset in question. Something to keep in mind is that the social volume doesn’t put any weight on the actual amount of discussion taking place inside any post; what this means is that even if a text document mentions the term several times, its contribution towards the metric’s value would still remain just one unit. The benefit of this restriction is that it provides a better picture of the amount of talk that the coin is receiving from the general user. If the limitation didn’t exist, then a long, isolated post with a large number of references to the cryptocurrency could possibly skew the indicator on its own. Related Reading: Bitcoin Market At Decision Point: Will This On-Chain Retest Be Successful? Now, here is a chart that shows the trend in the social volumes of Bitcoin, Ethereum, Binance Coin, XRP, Cardano, and Dogecoin over the past year: How the social volume of the various assets in the sector has changed in recent days | Source: Santiment on Twitter As displayed in the above graph, the Bitcoin social volume observed a huge surge in March as the asset’s value first observed a hard plunge and then recovered with a spectacular rally. Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release Sharp price action like this always brings attention to any cryptocurrency, so it makes sense that social media users started participating in huge amounts of discussion around the coin. Since topping out in April, however, the asset’s price has been in an overall downtrend. The social volume has also been going in a downward trajectory alongside it, although the indicator has observed a small rise during the recent volatile event. The high volatility had come as the US SEC had sued Binance and Coinbase, back to back, leading to widespread panic in the market. As mentioned before, it’s not particularly uncommon to see the social volume jump during such rapid swings in price. Ethereum, XRP, and Binance Coin also saw a spike in discussions related to them during this event, surpassing the levels they have seen during the last few months. While the volatility obviously has a part to play in this rise, it’s also possible that the slowdown in discussions related to Bitcoin has also contributed to it. It would appear that investors have been gradually losing interest in BTC, and are now shifting their focus towards altcoins such as XRP. XRP Price At the time of writing, XRP is trading around $0.5, down 4% in the last week. Looks like the asset has been moving sideways | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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XRP FUD Spikes, Will This Trigger A Price Reversal?

Author: Hououin Kyouma

United Kingdom

Source: NewsBTC

Jul 10, 2023 04:45

XRP FUD Spikes, Will This Trigger A Price Reversal?

Data shows FUD related to XRP may be spreading on social media platforms right now, a sign that could potentially help the price reverse. XRP Social Dominance Has Spiked While The Price Has Been Declining According to data from the on-chain analytics firm Santiment, discussions around XRP have surged during the past day. The relevant indicator here is the “social volume,” which measures the total amount of unique social media text documents that are making mentions of a given cryptocurrency. The social media text documents here refer to a collection of posts, threads, and other forms of text-based data sourced from major platforms like Twitter, Reddit, Telegram, and 4chan. Since the metric only counts the “unique” number of such documents, it means that individual posts have the same weightage, regardless of how many times they mention the term (obviously, they will only be counted at all if they have at least one mention). This restriction has the benefit that a few posts with a large number of mentions of the asset can’t skew the social volume on their own. Thus, the indicator can provide us hints about the degree of discussion that a coin is receiving from the average social media users. Related Reading: Bitcoin Price Could Nosedive If It Continues To Struggle Below $31K Now, here is a chart that shows the trend in the XRP social volume over the past month: The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter As displayed in the above graph, the XRP social volume has registered some high values during the past day or so. This would suggest that discussions around the cryptocurrency have become elevated in this period. In the chart, data for another indicator, “social dominance,” is also shown. This metric tells us what percentage of the combined social volume of the top 100 cryptocurrencies (by market cap) is being contributed by any individual coin. From the graph, it’s visible that the XRP social dominance has also observed a large spike recently. Naturally, this trend would suggest that the relative share of discussions on social media platforms related to this asset has gone up. Related Reading: Bitcoin Short-Term Holders Continue Exchange Inflows, But Price Holds On The implication here is that the latest social volume increase isn’t due to a general uplift in talks related to the cryptocurrency sector, but rather due to an increased interest in XRP specifically (if it was otherwise, the social dominance wouldn’t have changed too much even after the rise in the social volume). Since this high focus on the asset has come as the price has been declining, it would appear likely that these discussions are occurring due to the investors feeling fearful. Historically, markets have tended to move opposite to what the crowd is expecting, with the probability of such a reverse move going up as the investors assume a stronger opinion. So as a high amount of FUD is potentially going around among the XRP traders right now, the price may be able to benefit from this and experience a rebound. XRP Price At the time of writing, XRP is trading around $0.47, down 2% in the last week. Looks like the asset has observed a decline recently | Source: XRPUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net

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XRP Hype Spikes As Price Surges 12%, Is This A Top Signal?

Author: Hououin Kyouma

United Kingdom

Source: NewsBTC

Jun 01, 2023 04:45

XRP Hype Spikes As Price Surges 12%, Is This A Top Signal?

Data shows the hype around XRP has spiked as the asset has registered a 12% gain during the past week, something that may lead to a top. XRP Social Dominance Has Surged To High Values Recently According to data from the on-chain analytics firm Santiment, crowd optimism around XRP has shot up recently. A relevant indicator here is the “social volume,” which measures the total number of unique social media text documents that are currently making mentions of a given coin or topic. These “social media text documents” refer to text-based posts or threads sourced from various popular social media platforms like Reddit, Twitter, and Telegram. Since this metric only measures the unique number of such documents, it means that even if a post mentions the cryptocurrency in question several times, its share of the social volume still only remains one unit. Because of this restriction, the indicator can provide a reliable picture of whether the users in the wider social media platforms are discussing the asset or not right now. Another indicator, called “social dominance,” is also of interest here; this metric compares the social media of the cryptocurrency (which would be XRP in the current case), to that of the combined social volume of the top 100 assets by market cap in the sector. Now, here is a chart that shows the trend in the XRP social volume, as well as the social dominance, over the last year: The two metrics seem to have observed some pretty high values in recent days | Source: Santiment on Twitter As displayed in the above graph, both the XRP social volume and the social dominance have spiked to high levels recently. At the peak of this surge, the latter indicator had hit a value of 16.2%, which means that 16.2% of all discussions on social media websites related to the top 100 assets were about the token. Related Reading: Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive These elevations in the social metrics of the cryptocurrency have come as the price has outperformed all the largest coins in the market after registering a gain of more than 12% during the past week. Generally, whenever the social volume rises along with a price rise, it means that the investors are becoming more optimistic about the near-term outcome of the asset. While such positive attention can sometimes help fuel the price rise further, it’s also true that too much of it can actually have the opposite effect on the cryptocurrency. Historically, digital asset markets have tended to move against the expectations of the opinion of the crowd, so a large amount of hype and euphoria can offer the perfect recipe for the formation of a top to take place. Related Reading: Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers The latest spike in the social dominance of XRP doesn’t necessarily have to be bearish, but it’s still something that can increase the probability of a top taking place. Though, there has also been a bullish sign for the asset recently, as the number of active addresses has rapidly increased. Such a trend is usually a sign that a large number of users are participating in the blockchain, which is something that can help the price rise to be more sustainable. XRP Price At the time of writing, XRP is trading around $0.5047, up 12% in the last week. Looks like the coin has enjoyed a rise recently | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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