On-Chain Data Reveals Historical Trend Benefiting XRP and BTC Traders
Discover the historical trend that could benefit patient crypto traders. Santiment, an on-chain analytics firm, reveals the impact of bearish sentiment on XRP and BTC prices in September.
Posted 10 months ago in Market Analysis
![A graph showing the historical performance of XRP and BTC in the month of September](https://cdn.midjourney.com/1490c7cc-e11c-4c44-b19f-939950176b49/0_2.png)
In a tweet, Santiment, an on-chain analytics firm, points to a historical tendency that could benefit patient crypto traders. The crypto market is currently engaged in lackluster trading action due to a drop in cryptocurrency trading activity. The total monthly volume of spot and derivatives trading fell 11.5% to $2.09 trillion in August, the second-lowest since October 2020, indicating dwindling investor appetite.
Adding more to this negative outlook is the fact that September often presents itself as a 'red month' for cryptocurrencies such as XRP and BTC. As reported, XRP is facing the 'Red September' conundrum, with the ninth month frequently ending in losses. Since 2013, XRP has only had four positive Septembers, with the remaining six being negative.
Bitcoin, the largest cryptocurrency by market capitalization, appears to be in the same boat. September has had the fewest positive-returning months for Bitcoin at only two, and BTC is currently on a six-year negative-return streak. Since 2016, Bitcoin has seen six 'negative Septembers' in succession, according to the monthly returns chart.
XRP, the fifth-largest cryptocurrency, is down 1.61% in September thus far, while BTC is down only 0.39%. Given the historical pattern established in September, on-chain analytics firm Santiment observed a significant increase in bearish takes. Historically, this served as a good thing for patient traders. This is because when the crowd is bearish, prices are more likely to rise.
'With crypto markets continuing their unpredictability, we have seen a big uptick in bearish takes by the crowd here in September. Historically, this is a good thing for patient traders. The probability of price bounces rising after FUD becomes the majority,' Santiment tweeted.
At the time of writing, BTC was marginally down 0.28% in the last 24 hours to $25,831; XRP was marginally up 0.28% in the last 24 hours to $0.502.
Last updated 9/10/2023, 3:10:06 PM
![](https://cryptocat.ai/public/view.png)
Related Articles
![Bitcoin's Death Cross Rally - Chart indicating the death cross pattern](https://cdn.midjourney.com/4d2522e2-226d-47ee-83d1-e18bb738cf39/0_0.png)
Bitcoin's Death Cross Rally: Expert Benjamin Cowen Warns of Lower Highs
Posted 10 months ago in Market Analysis
![XRP Coin Price Chart](https://cdn.midjourney.com/85d620f6-96c4-4652-bbe8-b0bcd0880caf/0_3.png)
XRP Price Analysis: Will XRP Test $0.55 Area in the Near Future?
Posted 10 months ago in Market Analysis
![Bitcoin (BTC) Performance](https://cdn.midjourney.com/3fb1f017-48c8-4835-a911-990ec6fbc37c/0_3.png)
Bitcoin (BTC) Breaks September Slumber with 4% Surge – Bullish October Ahead
Posted 10 months ago in Market Analysis
![XRP chart showing potential scenarios and resistance levels](https://cdn.midjourney.com/d8883a51-92a1-4aee-8c1b-e297bc06aff9/0_2.png)
XRP Analysis: Potential Scenarios and Implications for Traders and Investors
Posted 10 months ago in Market Analysis
News Letter
Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!
Is email too old school? Well you can get your news directly on twitter just by following us