XRP Retail Fear Reaches Six-Month High, Potential Breakout Ahead

Recent data from Santiment reveals that XRP is experiencing its highest level of retail fear, uncertainty, and doubt (FUD) in six months. This surge in negativity is viewed by some analysts as a potential contrarian signal, suggesting a possible market turnaround.

Key Observations

The bullish-to-bearish ratio for XRP dropped from 3.21 on September 17 to 0.74 on October 4, indicating rising frustration among traders.
The ratio slightly increased to 0.86 on October 6. Two out of the last three days saw bearish commentary outweighing bullish views, which may indicate a market bottom.
XRP is currently trading at $2.85, with key support levels between $2.60 and $2.80. Resistance remains at $3.17 and $3.65.
Technical analysis suggests a potential breakout with targets set at $6.90 and possibly $8–$12 if momentum continues.

Despite Bitcoin reaching new highs above $126,000 and Ethereum nearing its record peak, XRP struggles to surpass the $3 mark, although it hasn't dipped below $2.60 since July. This stability suggests underlying buying interest.

Overall, sentiment and technical indicators hint at a setup where initial fear might give way to a price increase.