Highlights:
- Santiment has included LINK, BTC, GOAT, DOGE, and XRP, among profitable tokens for FUD procurements.
- The on-chain tracker also warned against investing based on crowd sentiment.
- Ripple protracted legal dispute contributed to its FUD outlook.
In one of its most recent surveys on X, renowned on-chain tracker Santiment spotlighted the best cryptocurrencies for investors amid the gradual crypto market decline. According to Santiment, crypto traders speculated about a potential end to the market rally trends. Consequently, sentiment tilted toward the phenomenon characterized by “Fear, Uncertainty, and Doubt” (FUD).
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Highlighted crypto assets in Santiment’s tweet include Chainlink (LINK), Bitcoin (BTC), Goatseus Maximus (GOAT), Dogecoin (DOGE), and Ripple’s XRP in the top five. Other cryptocurrencies in the list include PEPE, Filecoin (FIL), Shiba Inu (SHIB), Eigenlayer (EIGEN), and BuildOnBeam (BEAM).
In its post, the on-chain analytical firm clarified that it selected the listed tokens from a pool of digital assets boasting over $500 million in market cap. Part of the tweet read thus: “With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD.”
🐻 Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:
1⃣… pic.twitter.com/OvnvlWdSus
— Santiment (@santimentfeed) October 23, 2024
How Investors Can Benefit from Crowd Sentiments
Per Santiment, cryptocurrency has always lived on market participants’ speculations, hype, and feelings. The on-chain tracker added that even well-established crypto projects survive off the trend. “Markets typically move the opposite direction of the crowd’s expectation, meaning the bearish narratives surrounding these coins can lead to rewarding results for those willing to go against the crowd selloffs that are beginning to mount,” the on-chain tracker added.
Chainlink and Bitcoin are Fuelling FUD with Their Market Activities
While Santiment spotlighted Chainlink and Bitcoin as two crypto assets with the highest negative crowd sentiments, the tokens’ price actions seem to contribute to the trend. For context, LINK is changing hands at about $11.32, reflecting a 2% decline in the past 24 hours.
Moreover, In one of its most recent news articles, Crypto2Community reported that LINK has maintained consistent negative exchange netflows. However, contrary to the crowd expectations, the token has failed to register significant price upswings despite its heightened accumulating frenzy.
Bitcoin has continued to take enthusiasts on a to-and-fro ride. Notedly, the token took off as market participants speculated that it could reclaim its all-time high (ATH) soon. However, after breaking above the $69,000 level, the token has since dropped and stabilized within the $66,000 to $67,000 region. At the time of writing, BTC is changing hands at about $67,100, reflecting a 0.7% upswing in the past 24 hours.
Aside from BTC and LINK, the top three meme coins made the list. DOGE, SHIB, and PEPE inclusions signify that the meme market has swayed from massive profitability. Therefore, investors have restrained from investing in them, considering their highly volatile nature.
Ripple’s Legal Dispute with the SEC Undoubtedly Contributed to XRP’s FUD
While price actions and other market variables have potentially fuelled most cryptocurrencies FUD, XRP’s case has always stemmed from its regulatory uncertainty. In a recent twist, the United States Securities and Exchange Commission (SEC) filed a new application, challenging previous court rulings.
The new appeal countered the court’s verdict, clearing Ripple executives of facilitating XRP sales. It also challenged the ruling that declared XRP sales as non-security. In response, Ripple noted that it anticipated the SEC’s comeback. Hence, the cross-border payment firm will counter the allegations in the court.
🚨JUST IN: CEO of @Ripple – Brad Garlinghouse says: "Gary Genslers reign of terror is coming to an end very soon!" #XRP
💥 GAME OVER SEC 💥 pic.twitter.com/ney7s6Hotw
— JackTheRippler ©️ (@RippleXrpie) October 23, 2024
The above implies that the regulatory uncertainty hovering around XRP will linger longer than expected. Consequently, FUD on the token will continue to rise, pending when the aggrieved parties attain a common ground.
Meanwhile, the United States presidential election could establish a turning point for Ripple in its involvement with the SEC. Upon re-election, Donald Trump vowed to sack the SEC Chairman, Gary Gensler. Should such happen, Ripple could finally escape from the SEC’s radar. Therefore, by attaining regulatory compliance clarity, XRP could witness exponential price surge potential.
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