Ripple (XRP) Price Sentiment Plummets but Analysts Say That Can Be Bullish

TL;DR

• It appears that the market uncertainty and negative sentiment are on the rise, especially for Ethereum (ETH), Bitcoin (BTC), and Ripple (XRP).
• However, some analysts remain optimistic about XRP despite the current conditions.

The ‘Top’ 20 List

Despite positive expectations, the cryptocurrency market started October on the wrong foot, registering a substantial correction. Multiple leading assets lost the momentum observed at the end of September, entering red territory.

The crypto analytics platform Santiment revealed the top 20 cryptocurrencies receiving the most negative attention during the latest pullback. 

The first spot went to Chainlink (LINK), whose weighted sentiment fell to -0.57. Ethereum (ETH) and Bitcoin (BTC) followed next with ratios of -0.47 and -0.45, respectively.

“Weighted sentiment is an adjusted measurement we provide that combines the social volume of an asset (across X, Reddit, Telegram, 4Chan, and Bitcointalk) and multiplies by the ratio of positive vs. negative comments toward that asset,” the entity explained its method. 

Other well-known cryptocurrencies making the list include Solana (SOL), Ripple (XRP), Polygon (MATIC), Cardano (ADA), Floki Inu (FLOKI), Pepe (PEPE), Tron (TRX), and more.

XRP, for one, witnessed a severe collapse at the start of October. It plummeted by double digits to as low as $0.51 following the US SEC’s appeal in the case against Ripple. Since then, XRP has tried to recover some ground, currently trading at around $0.52 (per CoinGecko’s data). 

XRP Price, Source: CoinGecko

However, it is not all bad news. According to Santiment, “coins with the most bearish crowd narratives historically have the best chance of rising.”

XRP Price Predictions

Despite its pullback, the asset has been the subject of numerous optimistic forecasts as of late. The popular X user Dark Defender claimed the news surrounding the Ripple v. SEC lawsuit have “a minor impact” on XRP, whose valuation is mainly driven by technical indicators:

“When Heikin Ashi Candles (average-price candles, currently at $0.57) are considered, the monthly average price stays above the support level, which is critical for XRP to continue the momentum. This is supported by the MACD indicator, where XRP has the green dot on the monthly time frame. I am super bullish, and I expect XRP to follow his pattern.”

EGRAG CRYPTO was even more bullish, expecting the token’s price to experience an “epic” surge to above $5 in the following months.