XRP cryptocurrency value of Ripple has changed drastically recently. Though an 8% price drop over the past 60 days, discussions on the coin are flourishing and have peaked since early April. This begs the issue of whether XRP will experience a price surge or if the current online conversation is only meaningless babble that will finally dissipate.
Social Media Frenzy
The scene on social media around XRP is busy. According to Santiment data, XRP’s social dominance is rising, hence discussions about XRP are surpassing those about other cryptocurrencies.
Historically, this digital watercooler effect has matched rising prices. Similar social media hype in December 2023 and March 2024 preceded XRP’s swings to $0.66 and $0.71 respectively. Those who are passionate about this trend hope it is accurate, so maybe bringing the price back to the $0.70 level.
Some analysts, however, are casting cold water on this social media craze. Unquestionably, there is conversation, but the attitude underlying it seems less than passionate.
Santiment’s Weighted Sentiment metric paints a picture of a lukewarm market, with a reading of minus 0.78 indicating a slightly negative overall view. This negativity could dampen any potential price rise fueled by social media hype.
Technical Outlook: Golden Cross Or Grim Reaper’s Embrace?
Technical study presents a mixed picture for XRP; the art of reading price charts for hints is not perfect. Positively, there has lately been a “golden cross,” when the 20-day exponential moving average (EMA) crosses over the 50-day EMA.
Usually considered as a positive indication of a possible price rise, this is Should XRP be able to overcome the resistance level at $0.56, a surge towards the sought-after $0.70 pricing target could be in store.
The Moving Average Convergence Divergence (MACD) indicator, meantime, is negative right now, implying that the bulls lack obvious superiority. Before any possible rebound, XRP can withdraw to the $0.50 support level in this technical tug-of- war.
The Verdict: Buckle Up For A Bumpy Ride
XRP’s future seems to be precocious on balance. Social media chatter points to a possible price explosion, while negative attitude and dubious technical signs throw shadows of uncertainty.
Investors should get ready for a maybe rocky journey. Although a price rise to $0.70 is not out of the reach, a dip to $0.50 or even less cannot be totally ignored.
Featured image from Unsplash, chart from TradingView