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XRP: Social Media Booms, But Price Stuck In The Bear Pit
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XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit

Christian Encila
Christian Encila
1 year ago
3 mins read
XRP

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The native coin of Ripple, XRP, is locked in a tug-of- war between a price that won’t spark and growing social media engagement. Online conversation presents an image of a bustling community, but the value of the token treads water, leaving investors wondering whether the excitement generates positive momentum.

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Social Media Frenzy Fuels XRP Discussions

A recent tweet by crypto market intelligence tool Santiment revealed a spike in XRP-related conversation. The US Securities and Exchange Commission’s (SEC) recent posture on Ripple Labs’ forthcoming stablecoin, which the SEC regards as a “unregistered crypto asset,” could be responsible for this rising buzz.

🗣️ #Monero is being discussed at an abnormally high rate due to the announcement that #LocalMonero is sunsetting as governments continue cracking down on $XMR and other privacy focused assets.

🗣️#XRPLedger is also seeing a high rate of discussion due to $XRP price volatility,… pic.twitter.com/gaV3ywP2up

— Santiment (@santimentfeed) May 9, 2024

While the regulatory heat may have sparked conversation, it hasn’t translated to a price surge. In fact, XRP’s value dipped slightly in the past 24 hours.

Investors Accumulate Despite Price Stagnation

Fascinatingly, data from Santiment indicates investors may be accumulating XRP even with the poor price activity. The “Exchange Outflow” statistic of the platform shows a transfer of XRP away from exchanges, maybe towards private wallets, nevertheless substantial. This points to certain investors’ perhaps long-term optimistic attitude.

Ethereum's exchange outflow maintains steady uptrend. Source: Santiment

Technical Indicators Cast A Shadow

Not all indicators, though, point to good fortune. Popular cryptocurrency researcher Cryptoes observed on Twitter that XRP’s price is perilously close below its 21-day moving average, a technical indicator usually seen as a negative one.

XRP is now trading at $0.51. Chart: TradingView

Support Levels And The Downward Spiral

Should the bearish indicators be accurate, XRP can fall to its support level close to $0.50. A breach below this pivotal milestone might set off a further downpour sending the price down below $0.47. This possible drop fits another worrying trend: the Network Growth of XRP.

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Santiment claims that over the past month the amount of fresh addresses generated for XRP has been dropping. This would suggest a declining user base, which calls into doubt XRP’s long-term acceptance.

The Road Ahead

Regarding XRP, the present state of affairs is mystery. On the one hand, the buzz on social media and investor accumulation show a project with committed following. Conversely, the technical signs and slowing down of network expansion cause questions regarding the immediate future of the cryptocurrency.

Featured image from Peapix, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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