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From November 21 to 24, within three days, the price of XRP increased by over 136%. It rose from $0.32929 to as high as $0.78 on Binance, during a strong uptrend. A quantitative trader attributed the massive volatility to relatively low liquidity and a large surge in open interest.
In 2017, the price of XRP peaked at over $3.2. At the time, Google Trends popularity of the keyword XRP hit 100 points out of 100. During the recent rally, it rose to 63 points. The highest level it saw was in September 2018, when the Google Trends popularity reached 20.
In comparison, in early November, the popularity of the keyword was hovering at around 5 to 7 points. This shows that the interest in the cryptocurrency spiked significantly as the rally began.
The popularity of XRP on Google Trends. Source: Google TrendsWhy Did XRP Surge so High and Why Did Interest Spike? The primary catalyst behind XRPs steep rally was like the frenzy around the cryptocurrency on social media.
On-chain analysis firms, including Santiment, reported that XRP remained a polarizing keyword even with popular keywords like Black Friday.
The popularity of XRP on social media. Source: Santiment
Albeit the popularity of XRP on social media declined after it crashed on Coinbase from $0.8, Analysts at Santiment said:
This Thanksgiving follows the largest dip day in two and a half months, and #crypto social media is trending with subjects like #buythedip and #blackfridaysale. $XRP is sti ...
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