Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
XRP Leads in Social Metrics Despite Altcoin Market Drop

XRP Leads in Social Metrics Despite Altcoin Market Drop

CoinEditionCoinEdition2024/12/10 16:00
By:Lipika Deka

XRP surged 320.13% in three months, with social dominance hitting 5.65%. The market cap stands at $128.53 billion, signaling strong investor interest. Analysts caution about euphoria-driven profit-taking by retail investors.

  • XRP surged 320.13% in three months, with social dominance hitting 5.65%.  
  • The market cap stands at $128.53 billion, signaling strong investor interest.  
  • Analysts caution about euphoria-driven profit-taking by retail investors.  

XRP’s social dominance reached 5.65% during the broader market slump, showing increased community interest and activity. According to LunarCrush , the token saw an impressive price surge of over 320% in the last three months, reaching a market cap of $128.53 billion. While this growth is encouraging, analysts recommend restraint.

XRP’s impressive price surge sparked discussions on platforms like Twitter, where market commentators are highlighting both opportunities and risks. One analyst said retail investors often trigger price spikes but are equally quick to sell off during profit-taking phases . This highlights the importance of strategic profit-taking in such volatile conditions.

“You can hate me all you want but when retail pumps a coin you can expect them to be just as quick with selling. Even if you are still bullish nothing wrong with taking profits when there’s euphoria and buying back later.”

Altcoin Market Faces Liquidity Crunch

The altcoin market dropped 30% in the last 24 hours after a promising streak, with some coins plunging up to 50% due to a liquidity crunch on major exchanges like Binance. This sharp correction raises questions about whether the uptrend is over.

The recent rise in XRP’s social metrics aligns with increased trading volumes and heightened speculative interest. This is why caution remains necessary, as analysts predict potential profit-taking waves that could lead to temporary corrections. For investors eyeing long-term opportunities, rebalancing portfolios during such phases might be a prudent approach.

Read also : XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings

Despite the potential for short-term turbulence, XRP continues to generate optimism from its strong community engagement. As crypto enthusiasts closely monitor its movements, it remains to be seen whether XRP can maintain its upward momentum or if a consolidation phase is on the horizon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!