Xrp Price Below $2: Negative Sentiment Signals ‘strong Rebound’ Ahead

XRP social sentiment hits extreme fear levels, a setup that has sparked sharp rebounds in the past, but XRP faces stiff resistance in its recovery path.

Social sentiment toward XRP (XRP) has tanked into the “fear zone,” an occurrence that has preceded strong rallies in the past.

Social sentiment toward XRP has plunged into the "fear zone," levels that have historically preceded strong rallies.

XRP price must close above $2 on the daily chart to open the way toward $2.50.

Market intelligence platform Santiment said on Monday that “XRP is seeing far more negative social media commentary than average,” increasing the likelihood of a “strong price rebound.”

Related: Three data signals showing XRP trader demand has evaporated

The chart below shows that the last two times fear from the crowd was this low were Nov. 21 and Dec. 5, and XRP’s price immediately rallied 22% and 11% over the few days, respectively.

“Historically, this setup leads to price rises,” Santiment added.

XRP has dropped 1.8% over the past 24 hours to below $1.85, bringing the drawdown from its seven-year high of $3.66 to 49%.

Crypto analysts agreed with Satiment that XRP’s drop is not necessarily bearish.

Source: CoinTelegraph