In the ongoing altcoin rally, memecoins are not the only ones grabbing headlines and making a comeback from the price drop that followed the 2017 bull run. XRP and DOGE, alongside BNB, have emerged as the top two altcoins with increased dominance and hyped-based rallies.
The price rally driven by social volume carried the price higher which resulted in sentiments turning bullish. Google trends for the top 10 shows interest in XRP, DOGE and ETH surging. Interest has increased consistently in the past two months.
Google Trends results agree with the social sentiment. XRP is currently trading at $1.42 level, and in the past 24 hours, the price has dropped over 10%. The trade volume has increased nearly 50% in the past 24 hours.
However, with the current circulating supply of XRP, 35 Billion XRP and at the current price level, XRP has dropped to #8 in terms of market capitalization. Additionally, after a sustainable price rally with ROI over 198% in 60 days and 184% in the 90 days, XRP’s price has corrected several times before hitting ATH of $3.84, 3 years ago.
Over 1200 new accounts were created in the past 24 hours and over 210000 transactions occurred in the past day. Based on the price chart, there is a consistent gain in XRP’s price and steady growth in volatility.
XRP’s dominance has increased consistently and there is room for XRP’s price rally and for the altcoin to remain in the top 10, given memecoins with unsustainable rallies drop out of the race to the top. With increasing selling pressure, dropping volatility and social volume based on data from lunarcrush.com, memecoins’ rally may come to an end before an extended price rally.
This leaves room for XRP’s price rally and there may be a recovery in terms of market capitalization as well. After dropping from #2, XRP dropped consistently below the top 5 and this has led to anticipation of its drop below the top 10. However, based on on-chain metrics and price chart, XRP is on the path of recovery in the short term and the altcoin is expected to make a comeback to top 5 within the following weeks of May 2021.
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