In the current rally of the altcoin, meme-coins are not the only coins getting the positive impact and making a massive comeback after the huge dip following the previous long-term bull run in 2017. DOGE and XRP, alongside the Binance Coin, have emerged as the top altcoins that recorded an increased dominance and rallies based on hype.
The price rally piloted by social volume moved the price higher, and it resulted in bullish sentiment. Google Trends for the top 10 cryptos shows that there is a higher interest in DOGE, ETH and XRP surging. The interest has increased in the past two months.
The results of the Google Trends tally with the social sentiments. Ripple’s XRP is currently trading at $1.42, and in the past 24 hours, the market price has dropped by 10%. The trading volume, however, increased close to 50% in the last 24 hours.
Though, with the current circulating supply of 35 billion XRP and the current level of the price, XRP has fallen in rank to #8 based on market cap. In addition, after the durable price rally with the return of investment hitting 198% in just 60 days and 184% in 90 days, the price of Ripple’s XRP has seen several price corrections before hitting an all-time high of $3.84 3 years ago.
In just 24 hours, over 1200 new accounts were created, and more than 210000 transactions were facilitated in the past day. According to the price chart, the gain in the price of XRP is consistent, and the volatility is experiencing steady growth.
The dominance of XRP has risen consistently, and there is still room for the price rally of XRP and for the altcoin to maintain its position in the top 10 ranked cryptos, given other meme-coins with non-durable rallies drop out of the contest to the top. With the bearish pressure, falling volatility, and social volume, according to the data from lunarcrush.com, the rally of meme-coins may end before the extended price rally.
This will leave room for the price rally of XRP, and there will be the possibility of recovery for the market capitalization also. After falling from the top #2 ranked cryptos, XRP left the top 5 charts gradually, and this has led to the speculations that it will drop below the top 10 charts. But based on price charts and on-chain metrics, the token is on a path to eventual recovery and a comeback to the top 5 charts expected with the coming weeks in May 2021.
