Public information arrivals and their immediate incorporation in asset price is a key component of semi-strong form of the Efficient Market Hypothesis. In this study, we explore the impact of public information arrivals on cryptocurrency market via Twitter posts. The empirical analysis was conducted through various methods including Kapetanios unit root test, Maki cointegration analysis and Markov regime switching regression analysis. Results indicate that while in bull market positive public information arrivals have a positive influence on Ripple’s value; in bear market, however, even if the company releases good news, it does not divert out the Ripple from downward trend.

中文翻译：

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公共信息到达对加密货币市场的影响：关于 Ripple 的 Twitter 帖子案例

公共信息的到达及其直接纳入资产价格是有效市场假说半强形式的关键组成部分。在这项研究中，我们通过 Twitter 帖子探讨公共信息到达对加密货币市场的影响。实证分析采用多种方法，包括 Kapetanios 单位根检验、Maki 协整分析和马尔可夫状态切换回归分析。结果表明，虽然在牛市中，积极的公共信息到达对 Ripple 的价值有积极的影响；然而，在熊市中，即使公司发布利好消息，也无法将瑞波币从下跌趋势中分流。