Examining if XRP will be worth $0.70 anytime soon

• 
  XRP’s
  social
  dominance
  spiked,
  suggesting
  a
  rise
  toward
  $0.70.
• 
  Technical
  analysis
  suggested
  a
  decline
  to
  $0.50
  before
  the
  price
  can
  bounce.

Ripple
[XRP]
has
lost
9.45%
of
its
value
in
the
last
90
days.
However,
discussion
about
the
token
has
reached
the
highest
point
since
the
4th
of
April,
AMBCrypto
confirmed.

At
press
time
Santiment
showed
that
XRP’s
social
dominance
was
1.947%,
indicating
that
the
number
of
XRP
posts
was
more
when
put
against
other
cryptocurrencies.

One
thing
we
observed
was
that
social
dominance
seems
to
correlate
with
the
price.
For
instance,
in
periods
when
the
metric
spikes,
the
price
of
the
token
rallies.

An
example
was
in
December
2023
when
XRP
jumped
to
$0.67.
Another
one
was
in
March
as
the
price
skyrocketed
to
$0.72.

Going
by
these
past
performances,
it
is
likely
that
XRP
has
begun
a
move
that
could
push
the
price
to
$0.70.

XRP
needs
to
break
$0.56
first

Furthermore,
AMBCrypto
analyzed
XRP’s
potential
from
a
technical
point
of
view.
One
of
the
indicators
considered
was
the
Exponential
Moving
Average
(EMA).

On
the
17th
of
May,
the
20
EMA
(blue)
crossed
over
the
50
EMA
(yellow).
This
is
termed
a
golden
cross,
and
a
sign
that
the
price
could
be
set
to
increase.

Validation
of
this
trend
might
send
XRP
above
the
$0.56
overhead
resistance.
If
this
is
the
case,
the
price
of
the
cryptocurrency
could
rally
and
possibly
key
into
$0.70.

However,
the
4-hour
chart
showed
that
XRP
was
on
the
verge
of
falling
below
both
EMAs.
If
this
happens,
the
bullish
thesis
could
be
invalidated.

Also,
the
Moving
Average
Convergence
Divergence
(MACD)
was
negative.
The
MACD
shows
either
bullish
or
bearish
momentum.
When
positive,
the
indicator
supports
a
bullish
momentum
and
possible
price
increase.

On
the
other
hand,
the
negative
reading
of
the
indicator
suggests
that
bulls
do
not
yet
have
a
clear
dominance
over
bears.
As
such,
XRP
could
fall
back
to
$0.50
support
before
it
bounces
in
the
$0.70
direction.

What
else
is
happening?

Let’s
look
at
the
sentiment
around
the
project.
According
to
data
from
Santiment,
the
Weighted
Sentiment
was
-0.794.

Weighted
Sentiment
shows
the
unique
social
commentary
(either
positive
or
negative)
regarding
a
token.

If
the
metric
is
positive,
it
means
that
the
broader
view
is
optimistic.
A
negative
reading
suggests
otherwise.
Thus,
it
seemed
that
only
a
few
sets
of
participants
had
good
things
to
say
about
XRP.

Should
this
linger
for
some
time,
the
potential
decline
to
$0.50
or
below
could
come
to
pass.
However,
if
the
reading
drops
too
low,
it
could
set
the
stage
for
XRP’s
rebound,
which
could
validate
it
toward
$0.70.

---

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Furthermore,
a
look
at
the
cryptocurrency’s
volume
showed
that
it
has
increased.
If
the
volume
increases
while
the
price
falls,
XRP’s
price
might
slip
began.

However,
to
validate
a
rise
above
the
$0.56
resistance,
the
increasing
volume
has
to
back
the
rising
price
action.