Social media sentiment regarding Bitcoin and Ethereum has shifted to a notably pessimistic stance this week, as reported by the analytics firm Santiment.

While Bitcoin’s value has dipped significantly, XRP retains a comparatively positive outlook among traders. According to Santiment, the positive-to-negative mention ratio for XRP is currently 2.19, which is considerably higher than Ethereum’s 1.08 and Bitcoin’s 0.80.

XRP Positive/Negative Sentiment Source: Santiment

In the preceding week, Bitcoin and Ethereum witnessed a price drop of around 5% and 5%, respectively, whereas XRP experienced a greater decline of nearly 7%. According to Pav Hundal, lead analyst at Swyftx, XRP holders exhibit resilience, often maintaining faith in the asset despite market fluctuations.

Potential for a Short-Term Recovery

Looking forward, Hundal anticipates challenging times ahead for XRP, which remains down over 35% in the last month. Nonetheless, Santiment suggests that current bearish sentiments could potentially prompt a recovery in the market, particularly if smaller traders remain doubtful about cryptocurrencies overall.

End of the Crypto Winter?

Matt Hougan from Bitwise noted the ongoing conditions point towards a ‘crypto winter,’ but he also hinted at the possibility of nearing its conclusion, suggesting that sentiment may reverse as trends develop. Further indicators from CoinMarketCap show a cautious market.

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