Ethereum and XRP Sentiment Plunges as October Begins

Sentiment around Ethereum and XRP has shifted sharply bearish at the start of October, with bearish commentary far outnumbering bullish discussion on major social platforms, according to data from crypto analytics firm Santiment.

The data shows that investor sentiment toward both Ethereum and XRP has deteriorated as the new month began, with Ethereum's sentiment ratio falling to 0.89, its lowest level since June 7, and XRP's reading dropping to 0.67, its weakest sentiment level since August 17.

Santiment's data tracks the ratio of bullish to bearish commentary across platforms including X, Telegram, and Reddit. A reading below 1 indicates that bearish comments outnumber bullish ones. In this case, bearish commentary has become more prevalent than positive discussion around both assets as October opened.

The figures contrast with Bitcoin's corresponding sentiment reading, which stood at 1.37 in Santiment's data, indicating that bullish commentary remains ahead of bearish discussion for BTC.

Santiment cautioned against reading bearish sentiment as a direct sell signal, noting that extreme pessimism does not necessarily represent a bearish signal for prices. 'When traders become convinced prices are heading lower, much of the panic selling may already have happened,' Santiment said.