XRP social metrics soared over the past week; can we target a $0.5 sprint?

The value of XRP has veered substantially from the general direction of the cryptocurrency market in recent days, sustaining rises. Apart from the general bull run in the cryptocurrency market, XRP is benefiting from the continuing legal struggle between Ripple and the Securities and Exchange Commission (SEC).

According to Lunar Crash, good pricing performance is supported by the company’s skyrocketing social analytics. When market and social performance are considered, XRP is the top-ranking digital asset, exceeding all other cryptocurrencies tracked.

According to Lunar Crash, XRP’s social volume reached 5,967, with 14.9 million social engagements in the last 24 hours. According to its weekly performance, its social interaction increased by 105.9% to 245.57 million, and its mentions increased by 26.4% to 80,720.

XRP had up to 3,440 unique social contributors each hour during the period. Many members of the XRP community actively promoted the currency on social media, believing that its parent firm, Ripple, would win its case against the SEC.


XRP Social Metrics | Source: Lunar Crush

XRP is currently trading at $0.447, with a weekly gain of 20%. As a result, XRP is the most significant gainer among the top 100 cryptocurrencies in terms of market value.


XRP/USD 4-hour chart | Source: TradingView

After a relatively flat performance in February, XRP’s current price momentum followed the token’s successful breach of the $0.4 resistance level. The token’s gain was highlighted on March 22, when XRP increased by more than 20% in 24 hours.

The sixth-largest cryptocurrency by market capitalization is trading at its highest value since November 2022. The price increase has also resulted in considerable financial inflows into the coin, raising the XRP market cap to $23.5 billion.

The technical analysis data gathered from TradingView reflects the steady rise in XRP. The attitude for a strong buy suggestion is scored as 16 based on a one-day summary, with moving averages likewise indicating a strong buy with a gauge of 14. Despite these encouraging signs, the oscillators remain neutral, with an 8 rating.


XRP technical analysis | Source: TradingView

According to several price forecasts, XRP can maintain increases and recoup $0.5. For example, an AI-powered tool at CoinCodex predicts that the token will be worth $0.509 on Easter 2023.

Nonetheless, XRP still faces various challenges as it seeks to recapture $0.50. Profit-taking is one aspect that could hinder the token’s previously established velocity.

Similarly, the current litigation may continue to have a negative impact on the price of XRP.

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