• 13 July, 2024
Market News

XRP’s Social Dominance Surges as Price Breaks $0.49 Mark After a Year

Ripple price movement has been a topic of discussion amidst investors and traders, as it climbed back to its year-high of $0.49 on Nov 6th. With this surge, XRPNetwork’s social dominance has also seen a boost, with more people following the coin closely and taking an interest in its dynamics.

Ripple’s social Dominance:Santiment

The added crowd recognition is likely causing the volatile price swings, as more people are buying and selling XRP in response to market news. This increased trading activity has led to higher volume than usual. Additionally, mainstream interest in XRP has also been rising, which is further contributing to the coin’s social dominance.

XRP/USD Technical Analysis

Ripple price action in the past few days shows the altcoin has been trending higher, and broke the $0.49 mark after a successive breakout. The XRP/USD pair is now trading in a bullish channel, and the indicators suggest that price may continue to trend higher.

Ripple’s price action:Coinmarketcap

The MACD shows an upward trajectory and indicates that bulls have control of the market while the RSI is also in positive territory, showing no signs of bearish divergence yet. Additionally, the 200-period moving average is acting as a strong support level, which has held XRP from falling further.

XRP’s improved price action has also impacted its social media performance, as the coin has risen to a 50-week high .Ripple is trading at $0.4835,up by 3.39% in the last 24 hours.Ripple price trend on the daily chart indicates the cryptocurrency has formed a bullish channel pattern and is currently trading above the $0.45 mark, which could be a crucial support level for further bullish movement.

On the 4-hour chart analysis,Ripple’s bulls have taken a breather and price action is likely to remain range-bound between $0.45-$0.50 for a few days before the next major move upwards. The MACD and RSI are in positive territory,and indicate that there could be further bullish momentum for XRP/USD if buyers maintain control of the market.

XRP/USD technicals:TradingView

The price of Ripple has climbed  above the 200-day moving average, which could act as a strong support level going forward. If XRP’s price action remains above the $0.45 mark, it has potential to extend its gains and reach higher highs in the near-term.

Overall, XRP’s improved price performance and increasing mainstream interest has resulted in higher social dominance and more volatile price swings due to heightened trading activity. With the strong technical indicators, XRP looks poised for further gains if buyers remain in control of the market. 

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