XRP Social Volume Keeps Growing Thanks to Upcoming Ripple Swell Event and New Exchange Partnership
Increased development activity, active address metrics point to strong upside potential
Since October 3, XRP has been holding steady but below the key resistance level at $0.55. However, this could soon change, especially as the altcoin’s upward trend is getting stronger on the chart.
The shifting market sentiment is likely to attract a lot of attention as a number of important developments are being put on the roadmap by Ripple. However, the key question is – Can these factors push XRP out of this extended consolidation phase?
Source: TradingView
Ripple's Swell Event and Media Attention
One of the standout indicators is the steady increase in XRP social volume, a good sign that public interest is growing. Many analysts link this increase to recent social mentions of Ripple’s upcoming Swell event and an exchange partnership for their stablecoin – Ripple USD.
The announcement of a partnership with trading platforms to introduce Ripple USD (RLUSD) is the factor behind the increase in social volume. This certainly strengthens the Ripple ecosystem, further contributing to the altcoin's price rally.
These two events put XRP in a favorable strategic position to become the center of attention in the crypto community.
Source: Santiment
XRP Development Activity Surges
According to Santiment, Ripple’s development activity has skyrocketed in the past 24 hours. This explosion clearly shows that innovation in the XRP ecosystem has increased dramatically. At the same time, this development has been accompanied by new product releases and other partnership announcements.
Typically, the correlation between development activity and price action is a good indicator of long-term price growth. And, XRP is no exception to this rule.
Source: Santiment
Trading activity gradually established
Finally, XRP trading activity has been on the rise recently, as shown by the increase in active addresses. More and more people are entering the market – A positive sign that shows growing confidence in the potential of this asset.
This surge in trading activity strengthens the argument that XRP’s bullish momentum may be building and could be nearing a breakout point on the chart.
Source: Santiment
Is XRP Poised for a Bull Run?
With a rapid increase in social volume, development activity, and an increase in active addresses, XRP is showing potential for a strong price rally.
While the price is still consolidating below $0.55, promising on-chain indicators suggest that the altcoin could break above this barrier in the near future.
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