XRP And Shiba Inu Rally Is Not Over According To This Indicator
November 03 2023 - 12:00PM
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The crypto industry saw a spectacular run in October, as a few
cryptocurrencies like Bitcoin and Solana registered new yearly
highs. However, the entire market seems to be taking a breather
after this action-packed October that saw Bitcoin, XRP, and Shiba
Inu lead impressive rallies. On-chain data, particularly from
the crypto analytics platform Santiment, showed October ended on a
somehow bearish note. But history from this particular metric
suggests that the rally might not be over. XRP And Shiba Inu
Rally Not Over The first few days of November appear to be devoid
of significant crypto price movement, with the exception of
occasional whale transfers. At the time of writing, XRP and SHIB
are down by 1% and 2%, respectively, in a 24-hour timeframe.
Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively.
Some crypto experts attribute this decline to traders taking
profit, while others think the crypto market has returned to its
normalcy of bearish sentiment. Related Reading: ProShares Goes
Short On Ethereum With New ETF Launch Popular crypto analytics
platform Santiment predicted this sentiment a few days ago.
According to Santiment, the Bullish Vs Bearish Sentiment Keyword
turned towards a bearish ratio at the end of October. The metric,
which tracks various keyword mentions like “buy,” “sell,” “buying,”
“selling,” “topped,” and “bottom” on social media, spent the bulk
of October on the bullish end of its range. The firm quickly
pointed out that previous instances of higher ratios of bearish
keywords had preceded gains in the market caps of popular
cryptocurrencies. Aside from Bitcoin, on-chain metrics and
fundamental analysis point to a continued rally for XRP and SHIB.
These two cryptocurrencies, in particular, have dominated social
mentions in the past few months, according to this indicator. 😒
After the trading crowd stayed pretty neutral over the weekend,
@santimentfeed data indicates that current sentiment has turned
#bearish once again. In the previous instances of higher ratios of
negative keywords, #Bitcoin & other market caps rose.
📈https://t.co/2p2uVitBkX pic.twitter.com/0vn3HGC7Gr — Santiment
(@santimentfeed) October 31, 2023 Altcoins Still Poised For Growth
On the fundamental side, XRP has done extremely well, especially as
trading resumed on various crypto exchanges. XRP is up by 32% since
the beginning of the year, and various analysts have pointed to
another price surge. A look into XRP’s price action shows a
series of higher low formations since October 30, indicating waning
pressure from the bears. XRP is now trading at $0.6036, and the
bulls could make another attempt to break over the latest higher
high of $0.62 if the price stays above $0.60. Related Reading:
Bitcoin Cash Rally Threatened As Exchange Drops BCH Following XRP
Listing Rumors SHIB has also had a similar path, with updates to
its ecosystem like Shibarium contributing to various price surges.
SHIB’s price momentum has slowed down at the time of writing, but
planned updates to the Shina Inu ecosystem could lead to another
price rally soon. At the same time, on-chain signals point to
more bullish than bearish. SHIB whales have resumed large transfers
to private wallets, as shown by data from Whale Alerts. SHIB is
trading at $0.000007788 at the time of writing. Despite the entire
market cap being down by 2.24% in the past day, data from
Coinmarketcap points to greed on the Fear & Greed Index. SHIB
holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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