XRP’s market depth rises despite uncertainty

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XRP’s market depth rises despite uncertainty
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The buzz surrounding XRP has evidently reduced. But traders have been placing large orders for the token. Has this affected the price?

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The decrease in the buzz surrounding the token was evident in XRP’s social dominance. As a metric built on top of social data, social dominance measures the discussion about an asset compared to other top 100 assets.to a mere 2.05% at press time, meaning that the initial hype around the token was almost non-existent.

Like social dominance, sentiment around XRP remained in the negative zone as well. Weighted sentiment considers the unique social volume as per the positive/negative commentary linked to a cryptocurrency.At the time of writing, XRP’s weighted sentiment was -0.144. This suggested that a large part of the crypto community was not excited about the token’s short-term price action., it might not be a great time to long the token. This was because of the sentiment shown by the funding rate.

Typically, positive values of the funding rate imply that traders are bullish. But when the funding rate is negative, it means traders are opening contracts targeting a price decrease, and that was the case with XRP.

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