The cryptocurrency intelligence platform, Santiment, has indicated that the third-largest cryptocurrency by market cap, XRP, is set to surpass the leading digital currency, Ethereum (ETH) in a key metric for the first time in seven months.
According to the data made available by the firm, the daily social volume of XRP has been on the increase to the point of becoming the most discussed digital asset in the crypto market, behind Bitcoin (BTC).
“The daily social volume (mentions on crypto platforms) of XRP is on the verge of surpassing ETH for the first time in 7 months. This crossover would be significant, as it signals change in interest level between the two assets, regardless of positivity.”
The daily social volume (mentions on #crypto platforms) of $XRP is on the verge of surpassing $ETH for the first time in 7 months. This crossover would be significant, as it signals change in interest level between the two assets, regardless of positivity. https://t.co/5U6DvyGNoJ pic.twitter.com/EhzupMDfeS
— Santiment (@santimentfeed) November 24, 2020
The significant increase in social engagement can simply be attributed to the shocking price breakout currently experienced by Ripple’s digital token XRP.
According to CoinMarketCap, XRP has managed over 120% price uptrend over the last seven days. In the course of this notable uptrend, XRP displaced Tether (USDT) to reclaim its position as the third-largest cryptocurrency.
Development on XRP Ledger Is a Good Sign for the Future of XRP
According to Santiment, the level of development on the XRP Ledger is a good sign for the future of XRP. In terms of development activity related to XRP Ledger found on Github, there has been a substantial increase compared to its status of development about two years ago.
“Our findings are that frequent GitHub submissions (filtering out routine daily tasks) are indicative of long-term viability of projects and their ability to grow in market cap and effectiveness.”
XRP Rally Adheres To Well-Established Pattern
Based on available data, Santiment posited that the current XRP rally adheres to a well-established pattern:
“It’s been an altcoin fiesta the past week, just as our metrics indicated would be a high likelihood scenario. With BTC nearly scraping $19,000 last week, profits have funneled into XRP and altcoins rapidly.
This pattern often occurs after a large dominant stretch from Bitcoin, as we saw for much of the past six weeks. 85% of the top 100 blockchains are in profit over the past week.”