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The uptrend of XRP in the past time could be a virtual one Money Blog

Recent analysis has shown that it is the social network Twitter that has greatly influenced the price of XRP over time.

Virtual uptrend of XRP

In fact, this is not a new thing and the twitter crypto has been working again. They have affected the last price increase that XRP has just experienced – according to recent analysis.

As of today, XRP is hovering at $ 0.23, a far cry from the 10% increase (to $ 0.33) in February. This also indicates that XRP's artificial price increase may have been going on for a long time.

Many people in the cryptocurrency space have viewed social networks as one of the driving forces behind XRP's price activity.

The average number of tweets related to XRP in 2018 is reported to be about 5,937. By 2019, however, the number of tweets has decreased slightly to 5,364.

In January of this year, the number of tweets related to XRP was reported to be 5,001. However, a huge increase soon followed and the number increased to 6,919. This number especially increased sharply on January 6, which was also the time when XRP increased by about 12%.

February saw an increase in the average number of tweets daily. Each day there are about 6,429 tweets related to XRP. This number is also higher than the average in the same period last year.

To have a better view of the correlation between tweets and XRP price, blogtienao will calculate the percentage.

  • 2018: Correlation between tweets and XRP at 35%
  • 2019: Correlation between tweets and XRP at -7%
  • 2020: correlation between tweets and XRP price at 62%

The above data brings us to a big question: Is this a new form of market manipulation?

To survive, Ripple is forced to sell millions of XRP every month

Well-known cryptocurrency analyst Luke Martin wrote on Twitter that dumping XRP is the only way for the company to survive.

Why did Luke Martin tweet like that? The source of the attack comes from an excerpt from Ripple CEO's quote in a Financial Times article.

XRP is the source of profit. I don't know how to answer that, because if this supply is out, our profit will be less.

Therefore, the following tweet is available:

Notably, Ripple's total XRP sales fell 80% in the fourth quarter. However, yesterday, they continued to unlock 1 billion XRP from their escrow wallet.

If the company decides to continue to discharge XRP, this could make it difficult for XRP to return to the gold age.

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