XRP Trading Volume And Tweet Volume Has A Stronger Correlation Than BTC And ETH Trading And Tweet Volume


If you’ve been following up in the cryptocurrency community, you’d know that XRP army is one of the most active online. Everyday, they make up for large tweet volumes on Twitter. Statistics have revealed that the tweet volume of the XRP community is closely related to the XRP trading volume. It is stronger than the correlation between tweet and trading volume of BTC and ETH. The fascinating thing about XRP supporters is that they don’t just tweet about the platform: they make moves to influence the growth and development of the platform as well.


The Tie Says XRP Tweet Volume Is Strongly Related To XRP Trading Volume


The Tie, the body that ran the statistics stated that spikes in XRP trade volume happen at the same time as spikes in XRP tweet volume. The post was as follows:“XRP trading volumes and tweet volumes are strongly related. Statistics show that a spike in tweet volume is usually followed by a spike in trading volume for xrp. In some other cases, a spike in trading volume will quickly be followed by a spike in tweet volume.”


XRP (XRP) Price Today – XRP / USD
#NamePrice24H %
3
ripple
XRP(XRP)
$0.214
-1.13%


Most times, the tweet and trading volumes spike in unison. A typical example, according to The Tie, was the XRP volume on October second 2018. When the tweet volume of XRP spiked, the trading volume also spiked. The correlation was also observed a few times in December 2018 and January 2019. In November 2018, it was the trading volume that spiked first before the tweet volume.


The relationship between the trading and tweet volume of XRP shows that the XRP community has strong sentiments that affects the trading of the asset. This sentiment isn’t limited to the XRP community. Bitcoin and Ethereum community members also have sentiment that links the trading volume to the tweet volume. However, the relationship isn’t as strong as that of the XRP community.


Not everyone in the cryptocurrency community was happy with the review by The Tie. Many critics said that there is no relationship between tweet volume and trading volume whether you are dealing with XRP or BTC. One Twitter user called Goatmuscle had this to say about it:“It’s common to see investment houses pump specific stocks on trading social media. Large corporations pay rampers and de-rampers to drive interest to a specific asset. If you search the web, you’ll see many examples.”
Another user with the handle Tiffany Hayden said:
“It is common for cryptocurrency enthusiasts to look for information about certain assets on Twitter. Service providers also answer questions about wrong tweet pumps on Twitter.”


XRP (XRP) Price Analysis


XRP is currently the third largest cryptocurrency per market capitalization. It fell to third place after occupying the second position for more than one month while Ethereum stayed in third place according to CoinMarketCap.


At the time of writing, XRP was trading at $0.355604. This shows that it is down by 1.79% against the USD and down by 2.15% against BTC. The trading volume over a 24 hour period is $473,539,599 and the market capitalization is $14,506,568,063.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.