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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

XRP “Social Dominance” Hits 1-Year High, Here’s What This Means

Keshav Verma
Keshav Verma
2 years ago
3 mins read
XRP

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Data shows the XRP social dominance has hit a 1-year high recently; here’s what this may mean for the cryptocurrency’s price.

XRP Social Dominance Is Now At Its Highest Level In 50 Weeks

According to data from the on-chain analytics firm Santiment, discussions around XRP have shot up recently. The social volume must first be examined to understand the “social dominance” metric.

The “social volume” is an indicator that measures the total number of social media text documents that contain keywords related to a given cryptocurrency (which, in the current case, is XRP).

The social media text documents here refer to various social media discussion formats, like tweets, Reddit threads, telegram messages, forum posts, etc.

Something to note about the social volume is that it only counts any text document once, as long as it contains the given keyword at least one time. This means that even if a tweet contains the term twice, its contribution to social volume will still be one unit, not two.

Now, returning to social dominance, this metric finds out what percentage of the combined social volume of the top 100 coins by market cap is contributed by the given cryptocurrency.

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Here is a chart that shows the trend in this indicator for XRP over the past year:

XRP Social Volume

Looks like the value of this metric has been quite high in recent days | Source: Santiment on Twitter

As displayed in the above graph, the XRP social dominance has been on an uptrend in the last month as the price of the token has observed a rally. This means that discussions around the asset have recently become hotter among cryptocurrency circles.

This trend makes sense, as price surges are usually exciting to investors and attract many users to the asset, and with such attention comes a lot of talk on social media.

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Recently, as the price of XRP has hit its highest level since early November 2022 (that is, pre-FTX crash), the social dominance has also shot up and is now at a value of almost 2%.

This implies that almost 2% of all discussions related to the top 100 cryptocurrencies involve XRP in some form. This value is the highest the metric has registered in the last 50 weeks, nearly a full year.

Such high interest in the asset can fuel the rally and sustain it for longer. However, while that may be true, it also shouldn’t be forgotten that this kind of discussion can also lead to the price forming a top in case euphoria hits the market (something that has generally not ended well historically).

What can be said with a bit more certainty, though, is that the price could see increased volatility shortly due to the increased volume that the coin may see from this mainstream interest.

Token Price

At the time of writing, XRP is trading around $0.47, up 25% in the last week.

XRP Price Chart

Looks like XRP has gone up recently | Source: XRPUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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