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XRP (<a href="https://crypto.news/price/xrp/">XRP</a>) has observed an uptick in social dominance amid the prevailing bearish condition plaguing the asset. Crypto analytical resource Santiment suggests that the new XRP trend might indicate increasing chances of a potential price recovery. 
Santiment confirmed that XRP started witnessing an uptick in social activity in the early hours of today. <a href="https://app.santiment.net/labs/trends/explore/xrp?slug=xrp&amp;ticker=XRP" target="_blank" rel="noopener">Data</a> reveals that this morning the asset observed its most significant spike in social dominance since May.&nbsp; 
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 🗣️ <a href="https://twitter.com/hashtag/XRPNetwork?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#XRPNetwork</a> has seen an uptick in discussion in Monday's early hours. Generally, when traders are increasing discussions of an asset while its price has been declining, it increases the probability of a price rise to cancel out <a href="https://twitter.com/hashtag/FUD?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FUD</a> &amp; greedy <a href="https://twitter.com/hashtag/shorts?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#shorts</a>. <a href="https://t.co/nMgmfe25Tw" target="_blank">https://t.co/nMgmfe25Tw</a> <a href="https://t.co/cc2REyl2pQ" target="_blank">pic.twitter.com/cc2REyl2pQ</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1678301926205841409?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 10, 2023</a>
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Notably, XRP’s social volume had continued to suffer since June, particularly due to its price consolidation. Following the drop from the $0.50 psychological support on June 22, XRP has traded within a range of $0.45 and $0.49, unable to reclaim $0.50. 
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 <img decoding="async" width="1024" height="544" src="https://crypto.news/app/uploads/2023/07/XRP-price-July-10-1024x544.png" alt="XRP social dominance spikes, hinting on potential price recovery - 1" class="wp-image-14177300">
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 XRP price – July 10 | Source: Trading View
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A lack of significant updates on the <a href="https://crypto.news/ripple-losing-sec-case-can-affect-coinbase-and-binance-lawyer-says/">legal battle</a> between Ripple and the US SEC has also contributed to this decrease in social volume. However, despite the sustained price consolidation, XRP’s social dominance saw a massive spike this morning as discussions on the asset increased. 
Santiment emphasized that such an increase in social volume typically serves as a precursor to a price recovery, especially when observed during a market downturn. According to Santiment, this potential recovery usually flushes out greedy short positions and FUD. 
 You might also like: <a href="https://crypto.news/legal-specialist-gives-new-insight-on-ripple-xrp-lawsuit/"> Legal specialist gives new insight on Ripple (XRP) lawsuit </a> 
The last time XRP saw a similar spike in social dominance was on May 30, when the metric surged to 7.4%. However, the May spike occurred when the asset had set out to recover the losses observed earlier that month. 
XRP’s social dominance remained high in early&nbsp; June. This was due to the buildup to the <a href="https://crypto.news/ripples-top-legal-comments-on-recently-revealed-hinmans-speech/">release</a> of the documents about former SEC Director Bill Hinman’s infamous speech. Ripple released the documents on June 13, leading to a surge in XRP’s value to $0.5658.&nbsp; 
However, this was not sustainable, as social dominance collapsed shortly after, and so did XRP’s price. At a current value of $0.4687, XRP has traded below the $0.50 level for over two weeks. If Santiment’s projections are accurate, the asset could finally stage a recovery. 
 Read more: <a href="https://crypto.news/tom-brady-faced-millions-in-losses-from-ftxs-collapse/"> Tom Brady faced millions in losses from FTX’s collapse </a>

XRP social dominance spikes, hinting on potential price recovery

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