XRP Outperforms Bitcoin by 21% as SEC News Grows Social Buzz

  • XRP has emerged as the top-performing digital currency in the top ten, having outpaced its peers in the past week.
  • LunarCrush data indicates that XRP’s social metrics are soaring, making it the top-ranking digital asset.
  • Ripple has recently submitted a new filing for its fair notice defense, which could impact the ongoing SEC case against XRP.

Ripple’s XRP has been making waves as the top-performing cryptocurrency among the top 10 over the past seven days. However, XRP’s success is not just limited to the market; it’s also gaining significant attention on social media, indicating that it’s attracting more stakeholders.

XRP’s Price and Social Engagement Rise Together

The surge in XRP’s price has been substantial, rising by 26% over the past week alone. This price increase has put XRP ahead of other major cryptocurrencies such as Bitcoin, Cardano, MATIC, BNB, and Dogecoin. But XRP’s price is not the only thing increasing.

Data provided by LunarCrush on Saturday suggests a correlation between XRP’s price performance and its social engagement. XRP’s social engagement has surged by 105.9% to 245.57 million since last Monday, and its mentions increased by 26.4% to 80,720 over the same period.

XRP had up to 3,440 unique social contributors per hour during this time. Many within the XRP community were actively promoting the token on social media, believing that its parent company Ripple would win its case against the U.S. Securities and Exchange Commission (SEC). Ripple recently submitted a new filing for its fair notice defense, referencing a decision made in the Voyager bankruptcy case.

Messari founder Ryan Selkis recently tweeted that he considers the SEC’s case against XRP to be an overreach. He continued stating that the project was fulfilling a market need, as evidenced by the growing number of accounts on its XRP Ledger. XRP Scan data shows that XRPL processed an average of over 1 million transactions in the last seven days, with the network averaging over 2,000 new addresses daily. 

On the Flipside

  • While it’s good to see enthusiasm for the project, the hype generated has been based on speculation that has not been backed up by concrete developments.
  • XRP’s recent outperformance of other top cryptocurrencies could be attributed to a combination of factors outside of the SEC speculation and social media buzz.
  • Due to the crypto market’s highly volatile and unpredictable nature, the recent increase in XRP’s price could just as easily reverse, especially with negative sentiment surrounding the ongoing SEC lawsuit.

Why You Should Care

Ripple’s recent positive price performance and soaring social metrics are important as they demonstrate the growing support for the XRP token among the crypto community. Additionally, the ongoing SEC case against Ripple is impacting the price and the outcome could be pivotal for the wider crypto industry.

Read here to find out what David Schwartz said about the SEC and Coinbase lawsuit:
Ripple CTO: “Is the SEC Protecting Investors or Hurting Them?”

If you are interested in learning about XRP holders earning rewards on Singaporean exchanges, read here:
XRP Holders to Earn Rewards on Singaporean Exchanges

Sourced from dailycoin.com.

Written by on 2023-03-27 13:35:00.

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