Ripple (XRP) price sentiment is plummeting, but analysts say this may be bullish

TL;DR

Market uncertainty and negative sentiment seem to be on the rise, especially for Ethereum (ETH), Bitcoin (BTC), and Ripple (XRP). However, some analysts remain bullish on 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 seen at the end of September, entering red territory.

Crypto analytics platform Santiment revealed the top 20 cryptocurrencies that received the most negative attention during the latest pullback.

First place went to Chainlink (LINK), whose weighted sentiment fell to -0.57. Next, Ethereum (ETH) and Bitcoin (BTC) followed with ratios of -0.47 and -0.45, respectively.

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

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

XRP, for example, witnessed a severe collapse in early October. It plummeted by double digits to $0.51 after the US SEC’s appeal in the case against Ripple. Since then, XRP has tried to regain some ground, currently trading around $0.52 (according to data from CoinGecko).

XRP Price, Source: CoinGecko

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

XRP Price Predictions

Despite its retreat, the asset has been the subject of numerous optimistic forecasts lately. Popular X user Dark Defender claimed that the news surrounding Ripple’s lawsuit against the SEC has “minor impact” on XRP, whose valuation is primarily based on technical indicators:

“When considering the Heikin Ashi candles (mid-price candles, currently at $0.57), the monthly average price remains above the support level, which is critical for XRP to continue its momentum. This is supported with the MACD indicator, where XRP has the green dot on the monthly time frame. I am very bullish and expect XRP to follow its pattern.”

EGRAG CRYPTO was even more bullish, expecting the token price to experience an “epic” rise above $5 in the coming months.

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