Amidst the recent attention and occasional price surges surrounding Bitcoin (BTC), altcoins like XRP have experienced a decline in social dominance. However, this decline could favor XRP as historical data suggests a possible rally for the asset.
In a recent tweet, Santiment, a crypto analytical resource, brought attention to the trend of declining social dominance for XRP. While BTC captures most of the crypto market’s attention due to its price dominance, Santiment highlighted the potential of assets with lower social dominance, including Ripple.
XRP’s social dominance reached a high of 6.94% on May 31 after reclaiming the $0.50 price territory. However, as Ripple failed to solidify its position above $0.50, the decline in social dominance coincided with a displacement from that zone. XRP’s social dominance has plummeted to 0.48% after a continuous drop.
Interestingly, previous instances of declining social dominance for Ripple have often preceded rallies for the asset. In February, social power dropped from 8.38% on Feb. 19 to 0.59% on Mar. 11, just before XRP’s rally in March that saw it reach a 10-month high of $0.5850 on Mar. 29.
XRP’s Social Dominance Surge in March Preceded Impressive June Rally
The rally in March reignited public interest, leading to another surge in social dominance as it rose to 3.98% on Mar. 28. However, social dominance dropped below 1% in mid-May, signaling a bearish phase for Ripple. Interestingly, this decline in social dominance preceded XRP’s rally from late May to June, during which it surged to $0.5658 on June 13, supported by the release of Hinman’s documents in the SEC vs. Ripple lawsuit.
Now, Ripple social dominance has fallen below 0.50%, indicating a significant decline in interest. However, if historical patterns hold, Ripple could set the stage for another rally. Positive SEC vs. Ripple case updates could provide much-needed support for a potential run.
XRP is trading at $0.4897, experiencing a 1.441% increase over the past 24 hours. July started positively for Ripple, with a 3.81% gain and three intraday increases. Ripplecould reclaim the psychologically significant level of $0.50 with two more days of persistent gains.
Related Reading: | SEC’s Motives In Ripple Lawsuit Raises Concerns By Attorney John Deaton