- Ripple [XRP] decouples from the market, with an upward trend of over 26% from May 9 to June 9.
- Ripple’s social volume and dominance increased as the crypto market struggled with the SEC’s latest development.
The mainstream cryptocurrency landscape has witnessed a decline in crypto assets mainly due to fear, uncertainty and doubt (FUD). However, in the midst of this tumultuous trend, Ripple [XRP] stood out as an exception, seemingly detached from the prevailing market swings. Moreover, according to recent data, XRP has been gaining more attention and discussion within the crypto community.
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Ripple Trends Up
If we delve into the daily timeframe chart and use the price range tool, an interesting Ripple trend emerges. XRP in particular has shown significant gains during this period.
From May 9 to June 9, the price trend tool revealed an upward trajectory, culminating in an impressive increase of over 26%. At the time of writing, Ripple was trading at around USD 0.5, showing a modest but remarkable increase of almost 1%.
Source: TradingView
By further analyzing the chart, Ripple had managed to maintain a stable trading range since May 30, bucking the trend seen with other altcoins experiencing declines. In addition, the Relative Strength Index (RSI) painted a bullish picture for XRP, with a line comfortably above the 60 mark, indicating a positive trend.
The Moving Average Convergence Divergence (MACD) also supported this positive sentiment as it showed Ripple’s trendline above the zero thresholds.
To research CoinMarketCap data provided additional insights into Ripple’s recent performance. In the past seven days, XRP witnessed a commendable increase of over 2.4%. In addition, Ripple’s market cap has grown by more than 1.5%, reaching around $27 billion at the time of writing.
Ripple is seeing an increase in social volume
The recent developments surrounding Ripple have created a remarkable wave of interaction within the crypto community. As indicated by Santiment’s social stats, Ripple experienced a significant increase in its social volume and dominance on June 7.
Social volume witnessed a notable spike, reaching about 7,830, the highest point in nearly a decade. At the same time, Ripple’s social dominance also saw an increase, rising by more than 4% in the same period.
Source: Sentiment
This spike in social activity can be attributed to the ongoing lawsuit involving Ripple, which is similar to current cases brought against other altcoins. However, at the time of writing, both Ripple’s social volume and dominance had fallen from their peak levels, even as Ripple’s price continued its upward trajectory.
A look at other altcoins
A comparison of the price trends between XRP and other crypto assets, such as Polkadot [DOT] and Solana [SOL]revealed significant differences in their respective trajectories.
On the daily time frame chart, DOT has been trending down during the same period that XRP has been on an uptrend. From May 9 to June 9, DOT experienced a drop in value of about 5% and is currently trading at a loss.
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Similarly, according to the daily time frame chart, Solana had also been trending down. Between May 9 and June 9, SOL lost approximately 13% in value. However, SOL had regained some ground and was trading up nearly 1% at the time of writing.