Ethereum and Ripple rebounded with significant price increases, spurred by heightened social media activity and key developments.
This increase is particularly notable, considering the recent declines that both XRP and ETH have faced in the last few weeks.Data from Santiment indicates notable movements in the social indicators for Ethereum and Ripple, with XRP showing the most significant changes.social volume spiked to 4.5%, up from its previous peak of around 2.95%, marking its highest social volume in months.
Additionally, XRP’s social dominance reached its highest point in nearly a year on the 8th of August, climbing to 1,006.Ethereum’s social volume briefly rose to over 10% on the 8th of August and maintained this level despite a decline. Its social dominance also remained strong, holding steady at over 2,000.According to AMBCrypto, a significant surge occurred on the 7th of August, with the price rising by over 18%, largely due to the settlement of its long-standing legal battle with the SEC.
Furthermore, by the close of trading on the 8th of August, Ripple had gained 2.70%, maintaining a price of around $0.60, despite a slight decline of over 2% at the time of writing. Additionally, Ethereum also saw a substantial increase, with its price jumping more than 18% on 8th August. With this, its price climbed from approximately $2,300 to over $2,600.
As of the latest update, Ethereum was trading at around $2,672, showing a minor decline of less than 1% but still holding strong.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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