- ETH and XRP saw double-digit spikes.
XRP was in a bull trend at press time, while ETH remained stuck in a bear trend.
As a seasoned crypto investor with a knack for spotting trends and a soft spot for meme coins, I must admit that the recent price spikes in Ethereum (ETH) and Ripple (XRP) have caught my attention. While ETH’s bullish streak is nothing new, XRP’s surge has been particularly intriguing, given its recent legal battles with the SEC.
Following a challenging week filled with multiple drops in value, Ethereum [ETH] and Ripple [XRP] are notable investments that have seen substantial recoveries.
XRP has seen more notable price movement, largely due to recent developments affecting the asset.
Ripple and Ethereum see positive moves.
On August 9th, a post from Santiment indicated that XRP and Ethereum both saw substantial increases in price and social activity within the past day.
As an analyst, I find it noteworthy to highlight that, despite the downward trends experienced by XRP and ETH over the past few weeks, there has been a significant surge recently.
How Ethereum’s and Ripple’s social indicators moved
According to data from Santiment, there have been substantial shifts in the social activity surrounding Ethereum and Ripple. Notably, Ripple (XRP) has shown the most marked variations.
August 8th saw a significant increase in XRP‘s social activity, peaking at 4.5%, which is a notable jump from its earlier high of approximately 2.95%. This surge represents the highest level of social volume for XRP in quite some time.
Moreover, on August 8th, the social influence of XRP peaked at a level not seen in almost a year, ascending to a remarkable 1,006.
On the other hand, unlike XRP, Ethereum didn’t have the same steep increases, but it did demonstrate a steady upward trajectory instead.
On August 8th, Ethereum’s social activity spiked to more than 10%, an increase that persisted even as it decreased later. Furthermore, its social authority stayed robust, consistently maintaining a level above 2,000.
XRP, ETH see double-digit increase
Ripple’s price trend analysis indicates a more than 30% increase over the past four days.
On August 7th, there was a substantial increase in the price, soaring more than 18% mainly as a result of settling a lengthy legal dispute with the SEC, according to AMBCrypto’s report.
As a researcher, I observed that as the market closed on August 8th, Ripple experienced a growth of approximately 2.70%. By the end of trading, its price hovered around $0.60. Notably, at the point when I penned this analysis, there was a minor dip of over 2%. However, Ripple managed to maintain its position despite this decline.
Read Ethereum’s [ETH] Price Prediction 2024-25
Furthermore, there was a significant surge in the price of Ethereum on August 8th, with it rising by over 18%. This pushed its value up from around $2,300 to above $2,600.
According to the most recent data, Ethereum’s current market price is approximately $2,672. It experienced a minimal decrease of almost 1%, yet it remains robust.
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2024-08-09 22:15