Crypto: Xrp Traders More Optimistic As Btc, ETH Mood Turns Sour: Santiment

Social media sentiment has turned “extremely bearish” toward Bitcoin and Ethereum this week, according to analytics platform Santiment.

XRP sentiment on social media has remained relatively robust despite a crypto market slump that has seen Bitcoin fall close to $70,000.

Santiment said in an X post on Wednesday that “XRP is seeing a more optimistic outlook among traders” on social media as Bitcoin (BTC) and Ethereum (ETH) have “turned extremely bearish” after a major downswing.

Santiment’s Positive/Negative sentiment indicator, which measures the ratio of positive to negative social media mentions for a cryptoasset, shows XRP (XRP) has a score of 2.19, 103% higher than Ethereum’s 1.08 and 173% higher than Bitcoin’s 0.80.

Over the past seven days, the prices of Bitcoin and Ethereum have fallen by 4.97% and 4.92%, respectively, according to CoinMarketCap. XRP has fallen even further, dropping 6.82% over the same time frame.

Swyftx lead analyst Pav Hundal told Cointelegraph on Wednesday that XRP holders “wear volatility differently.”

“XRP doesn’t move wildly outside the bounds of the rest of the market,” he said, arguing that XRP holders have an “unwavering faith” in the asset’s fundamentals, so they tend to be less skeptical in the drawdown.

"The coming weeks look tough,” Hundal said, emphasizing that XRP is “still down” 35.5% over the past 30 days.

Santiment argued that the fearful sentiment may lead to market upside.

“There remains a strong argument for a short-term relief rally as long as the small trader crowd continues to show disbelief toward cryptocurrency as a whole,” Santiment said.

Source: CoinTelegraph