A significant increase in XRP prices has been associated with social media discussion and engaging tweets. This could indicate a bull run.
- XRP price amplified by social media mentions during summer
- Ripple now an official World Economic Forum partner
- Crypto price bleeds by 10% in 24 hours
Ripple Now Official Partner of the WEF
Ripple, now an official Partner of the World Economic Forum (as announced on their Website), adds another level of trust and credibility to XRP.
The WEF, an international non-governmental organization based in Switzerland, was founded January 24, 1971 by Klaus Schwab (a German engineer and economist).
On their partnership with Ripple, the WEF has announced, “Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
Ripple also enjoyed a huge social media surge and increased engagements and comments during summer.
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Numerous times, a rise in social media interest has created profitable opportunities for crypto and stocks.
However, despite Ripple’s intense popularity, XRP was not able to benefit from the overwhelming social media hype.
After a plunge from the descending parallel channel on August 19, crypto had a 10% liquidation.
Selling frenzy was triggered by the bearish cross. This move occurred over both the 21-day and 8-day simple moving averages, with the latter close to $0.37.
3.5% Drop in XRP Prices
Based on CoinMarketCapAs of writing, the XRP Price is at $0.3384 or down by 0.35 percent.
Traders should be cautious when purchasing a dip with the target crypto range close to $0.28 and $0.24.
$0.48 is the price at which the bearish thesis for XRP has been invalidated. If this threshold is broken, then a bull market could be initiated that targets more than $1.
The recent decline in Bitcoin prices has affected XRP’s value.
TradingView.com chart
After a steady increase of 15% in July, XRP’s price is expected to drop by 14%.
The crypto market’s large number of liquidations has caused XRP to experience extreme liquidations that reached $1,586,572 over the 24 hour period.
A plunge in trading volume was also caused by the decline in token prices.
The daily chart shows that XRP posted a double-digit drop on August 19, breaking the narrow range seen since July 31.
RSI, XRP’s RSI has successfully entered the 50-neutral area which is currently tagged 38. MFI stands at 39.
Ripple experienced a major disruption in network activity starting early August. In reality, XRP transactions plunged as high as 31% within the past few days.
Crypto market cap total at $1.26 Trillion according to the daily chart. Source: TradingView.com| Source: TradingView.com Kriptokoin.com Featured Image, Chart by TradingView.com