- Santiment’s social indices provide details on XRP’s price behavior over the past week.
- XRP price rally is partly due to a major pump in address activity over the past week.
- Spikes in social dominance on Santiment coincide with momentary gains on the XRP network.
Data from Santiment shows that XRP gained 6.2% in the past 24 hours while going in a different direction from most of the crypto market. Some cryptos still struggle during this period, with many of them ending the day on a negative note.
Santiment’s social analytical components reflect a pump in the address activity of the XRP network. It has lasted for about a week and coincides with repeated social dominance spikes.
The address activity index on Santiment monitors the number of distinct addresses participating on a network over a given period. From Santiment’s report, 136,000 addresses have participated on the XRP network within 24 hours. The past week saw spikes like this repeatedly, with one of the days recording an address activity of almost 146,000.
XRP’s bloated address activity coincides with an increasing social dominance index. An indicator that measures the social volume of an asset in comparison to the combined social volume of other top assets. Two major spikes in social dominance were observed, both were in sync with the address activity and price behavior of XRP.
On Tuesday, Ripple released its report for the year. The report, titled “A Focus on Real-Word Utility” mentioned that most of the company’s executives expect crypto to focus more on utility in the new year.
The report contained specific details of Ripple’s executives explaining the areas for crypto application in utility, rather than speculation. It also suggested that this will be a more suitable approach to the emerging regulatory environment set to confront the industry after the unfortunate events of 2022.
Current activities on the XRP network suggest that the public may be buying into this new idea. Perhaps, it is a pointer to the direction the company will be going this year, creating new frontiers and expanding the establishment.
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