{"id":607461,"date":"2024-05-10T18:00:23","date_gmt":"2024-05-10T18:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=607461"},"modified":"2024-07-12T04:20:37","modified_gmt":"2024-07-12T04:20:37","slug":"xrp-all-talk-no-action-social-media-booms-but-price-stuck-in-the-bear-pit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-all-talk-no-action-social-media-booms-but-price-stuck-in-the-bear-pit\/","title":{"rendered":"XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit"},"content":{"rendered":"
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.<\/span> 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.<\/span> \ud83d\udde3\ufe0f #Monero<\/a> is being discussed at an abnormally high rate due to the announcement that #LocalMonero<\/a> is sunsetting as governments continue cracking down on $XMR<\/a> and other privacy focused assets.<\/p>\n \ud83d\udde3\ufe0f#XRPLedger<\/a> is also seeing a high rate of discussion due to $XRP<\/a> price volatility,\u2026 pic.twitter.com\/gaV3ywP2up<\/a><\/p>\n \u2014 Santiment (@santimentfeed) May 9, 2024<\/a><\/p><\/blockquote>\n 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.<\/p>\n 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.<\/span> This points to certain investors’ perhaps long-term optimistic attitude. 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.<\/span> <\/p>\n 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.<\/span> This possible drop fits another worrying trend: the Network Growth of XRP.
\n<\/span><\/p>\nSocial Media Frenzy Fuels XRP Discussions<\/strong><\/h2>\n
\n<\/span><\/p>\n\n
Investors Accumulate Despite Price Stagnation<\/strong><\/h2>\n
\n<\/span><\/p>\nEthereum's exchange outflow maintains steady uptrend. Source: Santiment<\/pre>\n
Technical Indicators Cast A Shadow<\/strong><\/h3>\n
\n<\/span><\/p>\nXRP is now trading at $0.51. Chart: TradingView<\/a><\/pre>\n
Support Levels And The Downward Spiral<\/strong><\/h3>\n
\n<\/span><\/p>\n