Popular cryptocurrency analysis company Santiment touched on the recent performance of Ripple (XRP) in its statement.
According to analysts, the XRP Ledger, on which XRP is based, was one of the best-performing networks in July, and the reason for this was hidden in high onchain activity. According to analysts, XRP's 35% rise throughout July was due to the high activity of cryptocurrency whales and network growth.
Santiment shared that in July, the general cryptocurrency market was caught in an aggressive downward wave, and this happened because cryptocurrency investors, who had previously purchased with FOMO, now turned into panic sellers.
Although political news from the USA caused a mini bull rally, a devastation occurred as whales joined the sell-off.
However, Santiment also touched upon the social media mention rate and amount of discussion experienced by Bitcoin and Ethereum:
“Bitcoin and Ethereum also saw an increased level of discussion rate, triggered by the July 4th bottom (initially out of fear) and the July 29th peak (driven by a massive level of FOMO). And of course, the launch of Ethereum's 9 new Spot ETFs led to a huge increase in ETH-related conversations in the third week of July.”
*This is not investment advice.