Key facts
- XRP's bullish-to-bearish comment ratio fell to 0.67 on October 1, the lowest since August 17.
- A ratio below 1.0 signifies more bearish than bullish social media commentary.
- XRP closed October 1 near $1.49, trading within a $1.47-$1.53 range.
- Ripple unlocked 1 billion XRP on October 1.
- The Evernorth merger vote secured 94% shareholder approval for a 473 million XRP treasury deal.
- x402 AI payments on the XRP Ledger surpassed 10 million transactions.
XRP's social media sentiment has turned bearish, with its bullish-to-bearish comment ratio falling to 0.67 on October 1, the lowest level since August 17, according to blockchain analytics firm Santiment. This indicates that negative commentary now outweighs positive posts across platforms like X, Reddit, and Telegram.
The decline in sentiment coincided with XRP's price stalling near $1.49 after a rally to approximately $1.60 in late September. The token traded in a narrow band between $1.47 and $1.53 as October began. This price action followed a spike in new XRP Ledger accounts, with over 11,000 wallets activated in a single day when the price touched $1.60, though this momentum quickly faded.
Adding to short-term sentiment pressure, Ripple executed its scheduled unlock of 1 billion XRP on October 1. Despite this, some analysts maintain targets of $20-$30 for XRP. Derivatives markets also showed caution, with the taker buy/sell ratio indicating building selling pressure, even as spot XRP ETF inflows remained healthy.
Santiment views the extreme pessimism as a potential contrarian indicator, suggesting panic selling may be nearing its end. Historically, quiet optimism combined with rising fear has been a stronger entry signal than overt buy-the-dip enthusiasm. However, the firm cautioned that an immediate bounce is not guaranteed for XRP or Ethereum.
Underlying network developments remain constructive. The Evernorth merger vote received 94% shareholder approval for a 473 million XRP treasury deal, and XRP saw a price gain after this vote before the recent pullback. Furthermore, x402 AI payments on the XRP Ledger have crossed 10 million transactions, and RLUSD's market capitalization reached nearly $2.5 billion, with Binance offering XRP rewards for RLUSD holders. Ripple's ongoing efforts in cross-border payments also support the macro narrative.