XRP Signals Considerable Uptick – Will Social Media Lift Its Price Past $0.34?

Christian Encila

1 year ago

3 mins read

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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.

Image: Finbold

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.