A recent indicator from crypto analytics platform Santiment suggests that the rally for XRP and Shiba Inu may not be over, despite a slight decline in their prices. The first few days of November have seen limited price movement in the crypto market, with XRP and SHIB down by 1% and 2% respectively in a 24-hour timeframe. Bitcoin and Ethereum have also experienced decreases. While some attribute this decline to traders taking profit, Santiment’s on-chain data shows that previous instances of higher ratios of bearish sentiments have been followed by gains in the market caps of popular cryptocurrencies.

XRP has performed well on the fundamental side, with a 32% increase since the beginning of the year. The cryptocurrency’s price action has shown a series of higher low formations, indicating diminishing bearish pressure. Similarly, Shiba Inu has experienced various price surges, with updates to its ecosystem contributing to its momentum. Though the price has slowed down recently, planned updates to the Shiba Inu ecosystem could lead to another rally. On-chain signals also suggest a more bullish sentiment, as SHIB whales have resumed large transfers to private wallets. Despite a slight decrease in the overall market cap, greed is still prevalent based on the Fear & Greed Index.

Key Takeaways:

• An indicator from Santiment suggests that the rally for XRP and Shiba Inu may continue.
• XRP has shown a series of higher low formations, indicating diminished bearish pressure.
• Shiba Inu has experienced various price surges with updates to its ecosystem.
• On-chain signals point to a more bullish sentiment, as SHIB whales resume large transfers.
• Greed is still prevalent in the market, according to the Fear & Greed Index.

FAQs:

Is the decline in XRP and Shiba Inu prices a cause for concern?

The decline in XRP and Shiba Inu prices is not necessarily a cause for concern. Santiment’s indicator suggests that previous instances of higher ratios of bearish sentiment have been followed by gains in the market caps of popular cryptocurrencies. Additionally, XRP has shown a series of higher low formations, indicating diminishing bearish pressure.

What factors have contributed to the rally of XRP and Shiba Inu?

XRP has performed well on the fundamental side, especially as trading has resumed on various crypto exchanges. Shiba Inu, on the other hand, has experienced various price surges due to updates to its ecosystem, such as the introduction of Shibarium. These factors have contributed to the momentum and potential for future price rallies.

What do on-chain signals suggest about the future of XRP and Shiba Inu?

On-chain signals suggest a more bullish sentiment for XRP and Shiba Inu. Large transfers by SHIB whales to private wallets indicate a positive outlook. Additionally, Santiment’s indicator shows that these two cryptocurrencies have dominated social mentions in recent months, further supporting the potential for continued rallies.