XRP price has demonstrated a significant uptick that come with engaging social media tweets and discussing. Does this hint a potential bull run?
XRP price amplified by social media mentions during summer
Ripple now an official World Economic Forum partner
Crypto price bleeds by 10% in 24 hours
Ripple Is Now The Official Partner Of WEF
Now, Ripple is an official partner of the World Economic Forum as announced on their website which also adds another layer of credibility and trustworthiness to XRP.
The WEF is a Switzerland-based international NGO established on January 24, 1971 and founded by Klaus Schwab, a German economist and engineer.
On their partnership with Ripple, the WEF has announced, “Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
During summer, Ripple has also shown immense social media popularity and uptick in comments and engagements.
On several occasions, upticks in terms of social media interest brought about profitable opportunities for both stocks and crypto alike.
However, despite Ripple’s intense popularity, XRP was not able to benefit from the overwhelming social media hype.
On August 19, the crypto has had a 10% liquidation following a drop from the descending parallel channel.
The bearish cross that move over both the 8-day and 21-day simple moving averaging darting close to the $0.37 level acted as the catalyst to induce the selling frenzy.
XRP Price Sheds 0.35%
According to CoinMarketCap, XRP price is down by 0.35% or trading at $0.3384 as of this writing.
Meanwhile, traders should practice caution when buying a dip with the target range for the crypto close to $0.28 or $0.24.
The bearish thesis invalidation for XRP is set at $0.48. Once this mark is breached, a bull run could happen targeting over $1.
XRP price has been affected by the decline in price of Bitcoin which has been down for the past week.
Chart from TradingView.com
XRP is seen to have dropped by 14% this month after its price has increased steadily by 15% in July.
Affected by the great number of liquidations happening in the crypto market, XRP has experienced extreme liquidations hitting $1,586,572 in the past 24 hours.
The decline in token price also triggered a plunged in trading volume.
On the daily chart, XRP has posted a double-digit plunge on August 19 that cracked the tight range experienced since July 31.
RSI for XRP has also successfully breached into the 50-neutral region which is now tagged as 38. MFI is also at 39 to date.
Ripple has had a massive breakdown of network activity since early August. In fact, XRP transactions have plunged by as much as 31% in the past couple of days.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com
Featured image from Kriptokoin.com, Chart from TradingView.com