XRP's price recently crossed the $0.49 threshold, followed by a strong increase in social dominance of its underlying network.
Despite the cryptocurrency market receiving a tough blow in the form of the United States Commodity Futures Trading Commission (CFTC) suing the world’s largest crypto trading platform Binance, the XRP token seems to be doing just fine as its price crossed the $0.49 threshold, followed by a strong increase in social dominance of its network.
As it happens, the social dominance of the XRP network has reached its highest point in a year after XRP surpassed the $0.49 psychological threshold for the first time since November 6, according to the data shared by the blockchain and social metrics analytics platform Santiment on March 27.
XRP network social dominance. Source: Santiment
Indeed, as the chart demonstrates, discussions about the network have hit a 50-week high after the token’s price reached its 21-week high, its social dominance levels demonstrating that nearly 2% of all discussions about cryptocurrencies relate to XRP.
XRP price analysis
Meanwhile, XRP is changing hands at the price of $0.50, recording a 4.58% increase on the day, adding up to the significant gains of 33.48% across the previous week and 32.97% over the last 30 days, according to the latest data retrieved by Finbold on March 28.
XRP 7-day price chart. Source: Finbold
It should also be noted that Finbold earlier reported on XRP recording a positive momentum from its successes in the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), as it was targeting the $0.50 price level it has recently surpassed.
Thanks to XRP’s growing traction in recent weeks, 2023 is considered one of the most monumental periods for this cryptocurrency in terms of adoption and regulatory development, indicating the possibility of it being one of the five cryptocurrencies poised for massive growth this year.
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