{"id":542683,"date":"2023-07-14T16:00:15","date_gmt":"2023-07-14T16:00:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=542683"},"modified":"2023-07-14T12:52:38","modified_gmt":"2023-07-14T12:52:38","slug":"heres-what-on-chain-data-reveals-about-xrp-rally","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ripple\/heres-what-on-chain-data-reveals-about-xrp-rally\/","title":{"rendered":"Here’s What On-Chain Data Reveals About XRP Rally"},"content":{"rendered":"
XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge.<\/p>\n
In its latest insight post, the on-chain analytics firm Santiment<\/a> has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day.<\/p>\n This rapid growth in the asset’s value has come following Ripple’s victory<\/a> in court as XRP has been declared “not a security.” Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit<\/a>.<\/p>\n Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as it’s still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB.<\/p>\n Following the rally, the “social dominance<\/a>” of XRP saw a sharp surge toward the 7.4% mark, as the below chart displays.<\/p>\n <\/p>\n Social dominance measures how the discussions on social media related to any given coin (which, in this case, is XRP) compare against the combined amount of talk the top 100 assets by market cap are receiving currently.<\/p>\n At the current value of the metric, 7.4% of all discussions related to these top 100 coins are coming from XRP alone. Such a high amount of interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a hit since the initial jump.<\/p>\nLooks like the metric's value has spiked | Source: Santiment<\/a><\/pre>\n