Ripple’s native token was a little late to the ongoing bull party but managed to chart some gains earlier this week and reached a multi-month peak of $0.74.
It has lost some traction since then, alongside the rest of the market, but it still has a chance to overcome its 2024 high and here’s how, according to Santiment.
XRP lost its spot as the sixth-largest cryptocurrency to Dogecoin last week and has remained far away from getting a chance to retrieve it. Currently, the meme coin has a market cap of $57 billion, while Ripple’s token stands at $39 billion.
Even the rally that occurred a few days ago and pushed XRP to $0.74 didn’t close the gap sufficiently. However, it managed to attract the crowd, according to the market analytics company, Santiment.
It reported recently that over 4% of all cryptocurrency discussions on social media have focused on Ripple after the Tuesday price surge. As such, XRP has become the talk of the town once again but it needs more to surpass this peak.
Santiment noted that the FOMO needs to stay “at bay,” with traders continuing to talk about XRP and, most importantly, allocate funds to it.
Additionally, the tweet mentioned the funding rates on larger crypto exchanges like Binance as they should not get “too weighed down by long,” which could halt XRP’s rally.
The XRP community has erupted with excitement and discussions related to crypto’s #7 market cap. Over 4% of all coin discussions are related to XRP following a +45% breakout over an 8-day span.
Surpassing $0.74, its year-high back in March, will largely depend on FOMO staying… pic.twitter.com/IubbdmJY8n
— Santiment (@santimentfeed) November 13, 2024
Although it has a big and engaged community, XRP has lost a lot of momentum due to the ongoing meme coin craze. Numerous such altcoins have recorded double and even triple-digit price surges at times.
With assets like DOGE soaring by 150% within a week, PEPE charting a fresh all-time high, and PNUT attracting a $2 billion market cap within days, it’s expected that retail traders will focus more on those rather than less fluctuating alternatives like XRP.
Read the full article here