XRP Sentiment Hits Lowest Level Since August Amid Pessimistic Comments
The XRP sentiment has hit its lowest level since August, according to data from Santiment. The firm tracked comments across various platforms and found that the ratio of bullish to bearish comments for XRP dropped to 0.67 on October 1, indicating a significant shift towards pessimism.
This decline in sentiment comes just after a strong run for XRP, which reached $1.65 in late September before losing steam. The token has since settled near $1.53, trading within a narrow range.
Ripple's scheduled unlock of 1 billion XRP tokens on October 1 also added to the short-term supply pressure, weighing on its value. Meanwhile, data from CryptoQuant showed that Binance XRP open interest fell by 15.3% in a single day, which Santiment sees as a contrarian signal.
Santiment's framework suggests that this level of pessimism can actually be an indicator of a strong buying opportunity. The firm notes that 'fear is returning while some underlying market signals remain healthy,' and cautions against selling based on current sentiment.