- Notable on-chain data provider, Santiment, reports a surge in market attention towards XRP, ETH, BNB, DOGE, and ADA, as Bitcoin’s social interest dwindles.
- Australia’s foremost cryptocurrency trading platform, BTC Markets, announces the listing of its first XRP pair.
The cryptocurrency market dynamics are in flux, with a shifting sentiment favoring Ripple’s XRP, according to a recent report by Santiment, a leading on-chain data provider. The analysis reveals a significant uptick in social sentiment towards XRP, marking a new bullish stride for the digital currency.
🗣️ With #Bitcoin's social volume finally declining ever so slightly after its March ascension, #Ethereum, #XRPNetwork, and #BinanceCoin are now getting increased discussion. #Altcoins continue recovering by varying degrees based on crowd confidence. https://t.co/JFGG5s76at pic.twitter.com/Vxwur2Qsds
— Santiment (@santimentfeed) June 14, 2023
As per the data, this swell in XRP’s popularity coincides with a falling interest in Bitcoin, the flagship cryptocurrency. Notably, this is the first such shift observed since Bitcoin’s dramatic rise in March. The vacuum created by the decrease in Bitcoin’s social sentiment seems to be filled by major altcoins like Ethereum (ETH), XRP, and Binance Coin (BNB), with Dogecoin (DOGE) and Cardano (ADA) also garnering significant community interest.
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This surge in market attention towards XRP and other altcoins signifies the increasingly diverse nature of the cryptocurrency ecosystem and the shifting trends of investor interests. It appears that more market players are venturing beyond Bitcoin to explore opportunities within other cryptocurrencies, thereby causing a ripple effect in the social sentiment for these altcoins.
Amidst this burgeoning interest, BTC Markets, the leading cryptocurrency trading platform based in Australia, announced the addition of its first XRP pair. Trading for the XRP/USDT pair is slated to commence on June 15, marking a rare instance of a cryptocurrency exchange listing XRP. This comes amidst the ongoing SEC lawsuit against Ripple initiated in late 2020.
However, the recent unveiling of the Hinman Documents by the SEC, in response to a judicial mandate, suggests that XRP should not be classified as an investment contract. This revelation could have a significant impact on the currency’s status and influence its standing in the ongoing legal dispute.
As of this report, XRP, the sixth-largest digital currency, is being traded at $0.5089, as per data from CoinMarketCap. With this surge in social sentiment and the listing of its first pair on a significant exchange, XRP appears to be capturing more attention from the market, signaling a potentially bullish trend ahead.
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