XRP Price Continues to Suffer from the Overall Bearish Sentiment Gripping the Market

XRP displayed much improvement since it went under a dollar from the 2022 crypto winter to the post-2024 US presidential election.

Investors are still in a state of fear and greed as the crypto market continues to be bearish, the Fear & Greed Index showed on Monday.

According to the Index, which measures the level of fear or greed in the market through various factors such as volatility, volume, and social media activity, investors are still treading within a state of uncertainty. A reading of 0 to 24 indicates extreme fear, 25 to 49 indicates fear, 50 indicates neutral, 51 to 75 indicates greed, and 76 to 100 indicates extreme greed.

As of Monday morning, the crypto Fear & Greed Index was at 34, deep within the fear zone, and it has been hovering within the 30s for the past week. This suggests that investors are still largely concerned about the market outlook and are not yet exhibiting excessive greed.

The crypto market has been struggling to recover from the recent downturn, which was triggered by a series of macro trends and regulatory developments. These trends include the rapid rise in inflation and interest rates, the threat of a global recession, and increased scrutiny from regulators on the crypto industry.

As a result, many crypto prices have dropped significantly from their all-time highs, and the total market capitalization has tumbled to multi-year lows. This has led to widespread losses for investors and a pessimistic mood among traders.

However, there are also some signs that the crypto market could be bottoming out and that a bull market could be on the cards later this year. For example, the price of Bitcoin (BTC) has stabilized in recent weeks, and some smaller altcoins have shown strength.

Moreover, several key metrics suggest that BTC is now oversold and due for a rebound. For instance, the MVRV (Market Value to Realized Value) of Bitcoin just dipped below its 200-day moving average (MA).

Ultimately, only time will tell whether the crypto market will continue to bear down or finally be on the hype to new highs again.

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