Relationship between tweets and XRP price since 2018?The number of tweets mentioning XRP has been relatively consistent over time with its yearly averages since 2018 is similar.
In 2018, the average number of daily tweets mentioning XRP was 5,937 daily average tweets.
January this year had a smaller average number of tweets with a spike - 6,919 tweets - on Jan. 6, the day XRP price gained more than 12%. Recently, the average number of tweets observed during February has increased to 6,429 daily tweets, a much higher average than the ones seen in earlier periods.
The number of daily tweets from January 2018 until February 2020.Following the trend of having a higher average in February, the correlation between the number of daily tweets and XRP prices in 2020 has been the highest since 2018 at 62%. Moreover, the correlation between these 2 variables this month has similar values at 60%, much higher than in January.
This relationship has been much lower in previous years: In 2018, the correlation between the number of tweets and XRP price was set at 35%, while in 2019, it shows almost no correlation - 7%.A correlation of 0% means that XRP returns and the number of tweets is not related in any way.
A small positive influence on returnsThe inconclusive trend seen in the correlations leads us to employ other analyses where we find a small significant relationship between the daily number of tweets and XRP returns.
A slightly higher influence is observed in the first month and a half of 2020 - when the daily number of tweets would increase by 1%, XRP returns would increase by 0.059%.XRP daily price from Jan.1, 2020 until Feb.18, 2020.This stronger relationship between XRP mentions in tweets and trading volume was also reflected in the higher correlations seen in 2020 when compared to other years.
The number of daily tweets from Jan.1, 2020 until Feb.18, 2020.A stronger relationship between tweets and volumeWhen it comes to the relationship between the number of tweets and XRP daily volume, a much higher influence is detected.
The strongest influence happens, once more, at the start of 2020 - when the number of daily tweets would increase by 1%, XRP's volume would increase by 1.215% the same day.
When establishing the same parallel, in the case of XRP, a stronger relationship is found regarding returns in 2019 and 2020, while having comparable significant results for the influence of tweets in XRP volume.
XRP Price and Volume Linked to Twitter Activity, New Data Reveals
Published on Mar 1, 2020
by Cointele | Published on Coinage
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