XRP along with Cardano [ADA], Bitcoin [BTC], and Binance Coin [BNB] is savoring positive crowd sentiment for the approaching Quarter 4, data aggregator Santiment indicated.
“The crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness have faded as traders anticipate a rebound here in Q4. XRP, ADA, BTC, and BNB all indicate crowd bullishness,” while adding ETH has turned “slightly bearish”.
In particular, as of October 20, the trader sentiment was at its most bullish in a month, and are anticipating a price rebound for the mentioned coins in Q4, Santiment wrote.
Bitcoin has a weighted sentiment of 0.52 among the highlighted assets. Ethereum [ETH], the second-ranked cryptocurrency by market capitalization, is the only prominent digital asset highlighted by the behavior analysis platform that is slightly bearish.
Positive crowd sentiment does not, however, always translate into similar price action. The market intelligence firm recently used Twitter to elaborate on how social media buzz dampens potential cryptocurrency bounce.
The crypto market experienced its highest level of social media optimism in the past two months during the spike on October 19.
Santiment noted that the market quickly responded in opposition to the sentiment of the crowd by dropping prices in both the cryptocurrency and equity markets until the excitement subsided.
Although the long-term crowd sentiment has remained negative, it was noted that swing trades in October have been primarily influenced by the frequency of bullish and bearish calls.
Santiment concluded that cryptocurrency prices typically rise when social media platforms show that market sentiment is bearish. The opposite occurs, and prices decrease when the market sentiment is bullish.
The latest report, nevertheless, highlighted altcoins standing out in the crowd, especially the XRP token.
XRP Favourite Among Retail And Institutional Traders
The XRP token continues to be popular despite going through some difficult times. Many investors, both retail and institutional, use the asset to complete their various transactions.
The strength of RippleNet transactions is one of many elements that contribute to the XRP token’s success. In addition to this fact, the market’s outlook, an increase in whale activity, and listing updates are significant contributors to its expansion.