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By Brenda Ngari - November 26, 2020
Like a few other altcoins, XRP has been riding the bitcoin boom. The digital token has surged a monumental 210% in the past 14 days. Along with the strong rally, XRP is on the brink of surpassing ethereum on one key metric.
Crypto analytics firm Santiment has observed that XRP’s social engagement volume is exploding with the cryptocurrency primed to become the second-most mentioned coin on social platforms just behind bitcoin.
In a Nov. 25 tweet, researchers at Santiment indicated that the daily social activity around XRP is about to overtake that of ethereum. The last time such a scenario was witnessed was seven months ago.
This move would be extremely positive for XRP as it suggests that investors’ interest is shifting from ethereum to XRP.
Santiment has also noted the high level of development activity around XRP. The firm says that this is another encouraging metric for the long-term upward trend of the cross-border payments token.
Specifically, the development activity by Ripple on the XRP Ledger is currently five times higher than it was roughly one and a half years ago. “Our findings are that frequent GitHub submissions (filtering out routine daily tasks) are indicative of long-term viability of projects and their ability to grow in market cap and effectiveness,” Santiment said.
XRP was stuck in the $0.17-$0.30 range for the better part of last year and this year as well. The coin subsequently became the worst-performing large-cap cryptocurrency.
However, XRP shocked the cryptocurrency markets in the past days following a mesmerizing rally. As bitcoin climbed past $19,000, XRP ripped to $0.68 heights. The altcoin has actually outperformed bitcoin with 136.48% weekly gains while bitcoin is up only 5.45% over the same period. Additionally, XRP has managed to regain its spot as the third-largest cryptocurrency.
Despite the recent ascent, XRP is still down approximately 79.9% from its January 2018 all-time high. But the bullish metrics highlighted by Santiment may spark an even bigger rally for XRP.
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DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Brenda Ngari and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
