- The World Economic Forum has officially announced Ripple as a partner.
- XRP’s price has shown an increase in social media mentions over the summer.
- Technical analysis does not correlate with social media impact as XRP price fell 10% in one day.
XRP Price Speculation and Technicals
The price of XRP has shown a sizeable rise in social media tweets and discussions. Notorious cryptocurrency and stock market bull markets have been triggered in the past by the influence of social media.
Moreover, Ripple’s siege of the US dollar has sparked a long-standing theory that it has discovered a new fuel. CEO Brad Garlinghouse was reported to have spoken at the World Economic Forum in the spring of 2022, sparking an initial flurry of speculation. I’m pouring gasoline into the flames.
The World Economic Forum is an international non-governmental and lobbying organization based in Colony, Geneva, Switzerland. It was founded on January 24, 1971 by German engineer and economist Klaus Schwab.
Official partnership between Ripple and the World Economic Forum
The World Economic Forum (WEF) offers real estate to the XRP community on their website. Digital Remittance Tokens are officially labeled as partners of the WEF. The WEF website states:
“Ripple is developing and enabling future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
Ripple World Economic Forum Partnership
Interest in social media
Santiment’s social media indicators show growing interest in XRP price.
Over the summer, Ripple has repeatedly shown a volatile influx of social media comments.In the past few years, growing social interest has created profitable opportunities for both cryptocurrencies and stocks.
Twitter social volume and overall social volume metrics
XRP technical analysis
Unfortunately, Ripple’s XRP price does not perfectly correlate with the social media hype. On Friday 8/19, Digital Remittance Token witnessed his 10% liquidation below the historic descending parallel channel. A bearish cross between the 8-day and 21-day simple moving averages near $0.37 triggered a sellout frenzy.
XRP price is currently trading at $0.33. Traders should be very cautious about looking to buy dips, as previous forecasts predicted a target zone near $0.28 and possibly $0.24. The macro bearish void remains at $0.48. If the deactivation level is breached, an optimal bullish environment could ensue with a target comfortably above $1.00 for him in the midterm. An update will be issued if the XRP price key level changes.
XRP/USDT hourly chart
In the following video, our analysts dig deep into Ripple’s price action and analyze key levels of interest in the market. -FXStreet Team