XRP Soars 300% in 30 Days, but This Indicator Shows XRP About to Make Another Move

XRP has surged over 300% in the past 30 days. Despite this run, one metric may suggest that it still has more room to fly.

Specifically, XRP’s social dominance is on the rise. As highlighted by crypto social intelligence platform Lunar Crush today, the metric has nearly doubled in the past 24 hours, surging from about 3.85% to 5.85% at the time of writing. The rise in the metric suggests that more market participants are discussing the asset.

While growing social engagement can sometimes be a contrarian signal, Lunar Crush data suggests that the sentiment around XRP remains largely neutral, which could bode well for the price.

The recent spike in social dominance correlates with a surge in XRP’s price over the past 24 hours sparked by the landmark approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS).

The stablecoin promises to offer critical liquidity and a DeFi boost to the XRP Ledger (XRPL), all of which promise to be supportive of XRP’s price.

So, can XRP take another leg up, and how high can it go?

Analysts Optimistic

Most analysts are optimistic about XRP’s price prospects, including would-be detractors. Recently, Bitcoin Maxi and MMCrypto host Christopher Jaszcynski asserted that XRP looked primed for a break above the $3 mark for the first time in seven years. The analyst tipped this to happen if the asset could break above the resistance at $2.6.

Unsurprisingly, pro-XRP analysts are even more bullish than Jaszcynski. For example, “BarriC” expects XRP to surge to as much as $20 in one fell swoop.

Nonetheless, amid this sea of positive views, prominent trader “IncomeSharks” has urged investors to take profits. 

IncomeSharks shared this sentiment as the asset appears to have formed a lower high on the daily candle chart.