According to a recent post by Santiment, trader sentiment is showing a significant divergence between XRP and Cardano (ADA). XRP has seen a surge in positive sentiment, while ADA faces unprecedented bearishness. This trend highlights a shift in trader confidence and market dynamics for these cryptocurrencies.
XRP experienced an impressive price surge of 11% on Tuesday. This increase has led to a wave of bullish sentiment among traders. Many believe that XRP’s price will continue to rise, sparking renewed interest and optimism. The chart from Santiment clearly represented this positive sentiment through a highlighted green area.
As per the latest data fetched from CoinMarketCap during writing, XRP was trading at $0.6063. The market cap has increased to $33.83 billion, and the 24-hour trading volume surged by 47.59% to $3.26 billion. These figures further assert the prevailing bullying sentiment.
On the other hand, Cardano (ADA) is facing significant bearish sentiment. Over the past four months, ADA’s price has dropped by 43%. This prolonged decline has caused traders to become increasingly negative and the market witnessed an extreme bearish sentiment over the past year. The upcoming Chang hard fork slated for later July might turn the bearish sentiment.
During press time, ADA was trading at $0.4482, with a modest increase of 0.82% over 24 hours. Despite the slight rise, ADA’s market cap stands at $16.08 billion, and the 24-hour trading volume has dropped by 8.11% to $457.79 million.
Bitcoin Breaks $63K Mark Amidst Diverse Crypto Market Trends: ReportAdditionally, the weighted sentiment data for Bitcoin (BTC) and Ethereum (ETH) also presents an interesting picture. BTC’s sentiment is slightly negative at -0.382904. This indicates a cautious approach by traders. Similarly, ETH has a sentiment of -0.382903, showing a similar outlook. These sentiments suggest that traders are currently wary of BTC and ETH. The market seems to be waiting for significant bullish catalysts to regain confidence.
Santiment’s analysis suggests that counter-trading the crowd’s consensus might be profitable. For XRP, the current hype could lead to an overbought situation. In this case, a cautious approach or potential profit-taking might be wise. On the other hand, ADA’s extreme bearish sentiment could indicate a buying opportunity.
