{"id":536043,"date":"2023-06-01T13:45:16","date_gmt":"2023-06-01T13:45:16","guid":{"rendered":"https:\/\/wncen.com\/?p=536043"},"modified":"2023-06-01T13:45:16","modified_gmt":"2023-06-01T13:45:16","slug":"xrp-hype-spikes-price-surges-12-will-lead-to-top","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-hype-spikes-price-surges-12-will-lead-to-top\/","title":{"rendered":"XRP Hype Spikes As Price Surges 12%, Is This A Top Signal?"},"content":{"rendered":"
Data shows the hype around XRP has spiked as the asset has registered a 12% gain during the past week, something that may lead to a top.<\/p>\n
According to data from the on-chain analytics firm Santiment<\/a>, crowd optimism around XRP has shot up recently. A relevant indicator here is the “social volume<\/a>,” which measures the total number of unique social media text documents that are currently making mentions of a given coin or topic.<\/p>\n These “social media text documents” refer to text-based posts or threads sourced from various popular social media platforms like Reddit, Twitter, and Telegram.<\/p>\n Since this metric only measures the unique number of such documents, it means that even if a post mentions the cryptocurrency in question several times, its share of the social volume still only remains one unit.<\/p>\n Because of this restriction, the indicator can provide a reliable picture of whether the users in the wider social media platforms are discussing the asset or not right now.<\/p>\n Another indicator, called “social dominance<\/a>,” is also of interest here; this metric compares the social media of the cryptocurrency (which would be XRP in the current case), to that of the combined social volume of the top 100 assets by market cap in the sector.<\/p>\n Now, here is a chart that shows the trend in the XRP social volume, as well as the social dominance, over the last year:<\/p>\n <\/p>\n As displayed in the above graph, both the XRP social volume and the social dominance have spiked to high levels recently. At the peak of this surge, the latter indicator had hit a value of 16.2%, which means that 16.2% of all discussions on social media websites related to the top 100 assets were about the token.<\/p>\nThe two metrics seem to have observed some pretty high values in recent days | Source: Santiment on Twitter<\/a><\/pre>\n