Is the XRP and Shiba Inu Rally Over?
The crypto market has experienced a slowdown after an eventful October that saw cryptocurrencies like Bitcoin, XRP, and Shiba Inu achieve impressive rallies. On-chain data from Santiment suggests that the recent bearish sentiment may not be the end of the rally.
A Pause in Crypto Price Movement
November has seen minimal movement in crypto prices, with XRP and Shiba Inu down by 1% and 2% respectively in the past 24 hours. Bitcoin and Ethereum have also experienced declines of 2.51% and 1.93% respectively. Some attribute this decline to profit-taking by traders, while others believe it reflects a return to a bearish sentiment.
Bullish Vs Bearish Sentiment Keyword
Santiment predicted this shift in sentiment, noting that the Bullish Vs Bearish Sentiment Keyword had turned towards a bearish ratio at the end of October. The metric tracks keywords related to buying, selling, tops, bottoms, etc., on social media. Previous instances of higher ratios of bearish keywords have often preceded market cap gains for popular cryptocurrencies.
XRP and Shiba Inu Potential for Continued Rally
Despite the recent slowdown, on-chain metrics and fundamental analysis suggest that XRP and Shiba Inu may continue their rally. These two cryptocurrencies have received significant attention on social media in recent months.
XRP has shown a series of higher low formations since October 30, indicating reduced pressure from bears. Its current price is $0.6036, and if it stays above $0.60, there may be another attempt to break the latest higher high of $0.62.
Shiba Inu has also experienced similar price surges, with updates to its ecosystem contributing to its momentum. Although the price has slowed down recently, planned updates could lead to another rally. On-chain signals for Shiba Inu suggest more bullish than bearish sentiment.
Market Sentiment and Greed
Despite the recent decline in the market cap, data from Coinmarketcap indicates that the Fear & Greed Index is still showing signs of greed.
Hot Take: XRP and Shiba Inu Rally Holds Promise for the Future
While the crypto market may be experiencing a temporary slowdown, there are indications that the rallies of XRP and Shiba Inu are not yet over. On-chain data, social media mentions, and positive sentiment suggest that these cryptocurrencies have the potential for continued growth in the future. Traders should keep a close eye on these assets as they may present profitable opportunities in the coming days.
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