- Despite record-breaking gains, investor enthusiasm for XRP, Cardano, and Stellar has waned.
- XRP has reclaimed its third spot in market capitalization, surpassing Solana, as its price continues to climb.
- Cardano has outperformed Solana in transaction speed, demonstrating its growing capabilities in the blockchain space.
Despite XRP, Cardano, and Stellar’s historic surges, investor interest has cooled significantly. Market analysts have deemed it as positive considering how markets often move counter to popular sentiment.
Santiment, in its latest post, has noted a dip in market enthusiasm despite historic 1-month stretches. With altcoins continuing their impressive rallies, a curious trend has emerged among traders. XRP, the cryptocurrency linked with Ripple, has seen a remarkable surge, briefly breaking past the crucial $2 mark. At press time, it is trading at $2.33, marking a 24-hour increase of over 23% as per Coingecko data. This significant price surge has pushed the token’s total market value to $132.8 billion, flipping Solana (SOL) and reclaiming the third position among the largest cryptocurrencies by market capitalization.
On the other hand, Cardano’s ADA token is in the limelight after surpassing Solana in transaction speed. As per onchain data, the network has successfully processed over 9,900 transactions per second, a remarkable feat that positions it as a strong contender in the blockchain space.
Similarly, Stellar’s XLM has retraced to a key Fibonacci support level of $0.3851, indicating a potential bullish reversal. This level could serve as a strong foundation for a rebound toward the resistance levels of $0.6396 and $0.8278. However, its +512% monthly surge is fuelling hopes for an upward price trend. Despite XRP, Cardano, and Stellar experiencing historic 30-day gains of +444%, +280%, and +512%, respectively, social media sentiment has cooled significantly.
XRP: FOMO Fades as Altcoins Continue to Rise
As per Santiment, the initial euphoria surrounding these breakouts, particularly after the November 5th Bitcoin pump triggered by Donald Trump’s presidential announcement, has turned to a more cautious outlook. Still, the lack of intense excitement from the retail trading community could be a positive sign for the market.
Typically, market trends defy popular sentiment. The current muted response to these altcoin rallies suggests that FOMO (Fear Of Missing Out) may not be the primary driver of price increases. This could allow for more controlled and sustainable growth soon.
That said it’s important to note that this is a developing situation. As these altcoins continue to push their boundaries, sentiment could quickly shift if new catalysts emerge or if the broader market shows signs of weakness. Traders should therefore remain vigilant and adapt to changing market conditions.
