- According to Santiment’s data, Ripple’s XRP outperformed Ethereum in social volumes for the first time in seven months.
- Development activity for the XRP Ledger has increased approximately 5 times compared to 18 months ago.
Cryptanalysis service provider Santiment stated yesterday that XRP outperformed Ethereum in a key metric for the first time in seven months. The company’s data shows that XRP’s daily social volume has grown so much that it has become the most talked about cryptocurrency 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.
The significant increase in social commitment coincides with the massive XRP price rally of the last few days. As reported by CNF, the XRP price exploded at times by more than 160% within the last seven days, clearly exceeding the price surges of Bitcoin (BTC) and Ethereum (ETH). In this respect, the increased interest could have been a reason for the skyrocketing price of XRP.
The performance of XRP was only surpassed by Stellar Lumens (XLM), which at times increased by more than 170% in the last seven days. Not surprisingly, XLM was also the second hottest topic on social media. Despite today’s crash of Bitcoin and the resulting strong correction for XRP XLM, both altcoins are currently still the most discussed crypto topics on social media:
$XRP is somewhat cooling off after its fantastic +160% rally, but that hasn’t slowed it down from continuing to be the #1 #crypto topic, according to @santimentfeed metrics. $XLM, $XVG, and $ADA are also getting a significant uptick in discourse.
Santiment also found out that the development progress of the XRP ledger is another bullish signal for the cryptocurrency. Development activity for the XRP Ledger has increased approximately 5-fold compared to 18 months ago, the analyst firm notes:
One encouraging metric for #Ripple holders is its ‘Development Activity’ and its long-term upward trajectory. Our findings are that frequent #githubsubmissions (filtering out routine daily tasks) are indicative of long-term viability of projects and their ability to grow in market cap and effectiveness.
Based on historical data, Santiment also stated that last week’s altcoin season was no surprise. According to the analysis service, altcoin bull cycles have been seen in the past when Bitcoin took a breather between major price surges:
It’s been an #altcoin fiesta the past week, just as our metrics indicated would be a high likelihood scenario. With $BTC nearly scraping $19k last week, profits have funneled into $XRP & #altcoins rapidly. This patter 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