After a turbulent week characterized by numerous sell-offs, both Ethereum (ETH) and Ripple (XRP) have emerged as standout performers in the cryptocurrency markets, posting significant rebounds. While XRP has witnessed more notable price movements due to recent developments, Ethereum also shows promising trends.
Ripple and Ethereum Positive Moves
A report from Santiment on August 9th highlighted that both XRP and Ethereum experienced substantial increases in both price and social volume over the past 24 hours. This is particularly noteworthy given the recent declines that both digital assets have faced in the past weeks.
Social Indicators for Ethereum and Ripple
Data from Santiment reveals significant changes in the social indicators for both Ethereum and Ripple, with XRP exhibiting the most pronounced shifts. On August 8th, XRP's social volume increased to 4.5%, up from around 2.95%, marking its highest level in several months. Furthermore, XRP's social dominance reached its peak in nearly a year, climbing to 1,006.
In comparison, while Ethereum didn't experience dramatic spikes like XRP, it still showed positive tendencies. Ethereum's social volume briefly exceeded 10% on August 8th and maintained this despite a slight decline. Its social dominance also held strong, remaining above 2,000.
XRP and ETH Price Surge
Ripple's price trend analysis indicates a more than 30% increase over the past four days, with a notable surge on August 7th when the price rose by over 18%. This was largely influenced by the resolution of its protracted legal battle with the SEC. By the end of trading on August 8th, Ripple had gained 2.70%, maintaining a price around $0.60, despite a minor decline of over 2% at the time of writing.
Similarly, Ethereum experienced a substantial increase, with its price jumping more than 18% on August 8th. This surge saw its price climb from approximately $2,300 to over $2,600. As of the latest update, Ethereum was trading at around $2,672, showing a slight decline of less than 1% but still holding strong.
