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XRP social volume hits 1-year high on optimism and network activity surge

XRP social volume hits 1-year high on optimism and network activity surge

With the cryptocurrency market continuing to switch between red and green, the consolidation does not seem to affect XRP, the price of which continues to climb, driven by the high address activity on the XRP network, as well as social interest, which has positioned the crypto asset among top five trending cryptocurrencies.

Indeed, the XRP token is recording a 16.2% mention rate of all digital asset discussions on social platforms – its highest social volume in over a year – with ‘xrp’ being the second-top trending crypto-related keyword, according to the information shared by blockchain and social metrics platform Santiment on May 31.

XRP social trends dominance. Source: Santiment

Additionally, XRP has reached the position of the second top trending digital asset over at the crypto monitoring platform CoinMarketCap, only preceded by the popular meme token Pepe (PEPE), whereas the flagship decentralized finance (DeFi) asset Bitcoin (BTC) was close behind in third place.

Furthermore, the platform’s team explained that “we are also seeing historically high address activity surges for the 6th ranked market cap asset,” stating that its followers should “expect XRP’s price to behave uniquely for the time being.”

XRP price analysis

At press time, XRP was changing hands at the price of $0.51, recording an increase of 0.04% in the last 24 hours while gaining 12.48% over the previous seven days and 9.09% on its monthly chart, according to the latest information retrieved by Finbold on June 1.

XRP 7-day price chart. Source: Finbold

Earlier, Finbold reported on the massive XRP price surge that has led the crypto token at the center of the lawsuit between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple to surpass the long-awaited $0.5 threshold and add $3 billion to its market capitalization in a single week.

Currently, the crypto community is waiting for the release of the controversial Hinman documents that are key to the case and which should see the light of day by June 13. Along with the possibly favorable outcome for Ripple, the publication of these documents could lead to further XRP price gains.

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