XRP, Bitcoin Sentiment Remains Very Positive: Bad Sign For Price?
03 Agosto 2024 - 3:00AM
NEWSBTC
Data shows the sentiment around XRP and Bitcoin is quite bullish
currently, something that can actually be to the detriment of their
prices. XRP & Bitcoin Among Coins Observing Positive Sentiment
Right Now According to data from the analytics firm Santiment, the
top cap cryptocurrencies are mainly observing the investors hold a
bullish outlook. The indicator of interest here is the “Weighted
Sentiment,” which basically tells us about the net sentiment around
an asset that’s currently present on social media platforms.
Related Reading: Bitcoin Makes Third Retest Of Historical Support,
Analyst Sounds Alarm The “weighted” in its name comes from the fact
that it weighs the sentiment present in the market (the Sentiment
Balance) against the amount of discussion that’s happening on
social media (the Social Volume). Because of this feature, this
indicator’s value only registers a spike when not only is the crowd
tending heavily towards one side as determined by Santiment’s
machine-learning model, but also a large amount of
posts/threads/messages exist on social media expressing such
sentiment. The advantage of this adjustment is that the indicator
is better able to portray what the actual situation in the market
is like, as it doesn’t go by the opinion of only a few users (as
would be the case in periods where traffic is low). Naturally,
positive spikes in the Weighted Sentiment imply investors are
bullish right now, while negative ones imply a bearish market.
Values around zero suggest either there aren’t enough discussions
happening on social media or the users as a whole are simply
neutral. Now, here is a chart that shows the trend in this
indicator for the five top assets in the sector, Bitcoin (BTC),
Ethereum (ETH), BNB (BNB), XRP (XRP), and Solana (SOL), over the
past few months: As displayed in the above graph, Bitcoin, XRP,
Solana, and Ethereum, all have seen the Weighted Sentiment spike
into positive territory recently, and these levels have so far
persisted into the latest market downturn. This would imply
that social media users hold a bullish sentiment around these coins
right now. Bitcoin and XRP particularly stand out in terms of this,
as the indicator for them is at the highest levels in 17 months and
14 months, respectively. Related Reading: Ethereum Seeing High
Exchange Outflows, But Watch Out For This Bearish Signal BNB is the
only cryptocurrency out of these that has the Weighted Sentiment in
the negative territory, although the investors currently only hold
a slightly fearful sentiment. This negative sentiment may actually
play into the favor of BNB, however, as markets have historically
been more probable to move in the opposite direction to what the
crowd is expecting. Naturally, this means that the highly positive
sentiment around Bitcoin and XRP could be bearish for their prices
instead. XRP Price XRP has extended its drawdown during the past 24
hours with a drop of 6%, which has taken its price to $0.57.
Featured image from Dall-E, Santiment.net, chart from
TradingView.com
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