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 , 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.
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.
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
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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