XRP Set to Surpass Ethereum in Key Metric for First Time in Seven Months, Says Crypto Intelligence Firm Santiment

dailyhodl.com 2020-11-26 15:50
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The crypto intelligence firm Santiment says XRP is on the verge of passing Ethereum in a key metric for the first time in seven months.

The company’s data shows XRP’s daily social volume is rising sharply, with the crypto asset set to become the second most talked-about coin on the market, behind Bitcoin.

“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.”  

Source: Santiment

The sharp rise coincides with XRP’s big breakout.

XRP has regained its position as the third-largest cryptocurrency by market cap and is up 119% in the last week, according to CoinMarketCap.

Santiment says the level of development on the XRP Ledger is another encouraging sign for the future of the crypto asset. Ripple’s development activity on the ledger is up about 5x compared to where it was 18 months 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.”

Santiment says XRP’s rally is no surprise, noting it adheres to a well-established pattern of altcoins playing catch-up when Bitcoin takes a breather between large moves to the upside.

“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.”

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