Market sentiment surrounding XRP has fallen to its most negative level since July.

On Nov. 6, blockchain outlet The Crypto Basic reported that XRP slid to the $1.10 area. Investor sentiment has entered a phase where the possibility of a medium- to long-term bottom is colliding with the risk of further declines.

Santiment's social sentiment indicator from earlier this month fell clearly below the neutral line. Until a few days ago it stayed at a level of "weak negative," but recent readings have dropped further, showing investor expectations are cooling quickly. XRP fell more than 7 percent on Nov. 5 and then briefly slid to around $1.18 on Nov. 6, and it is now trading around $1.10.

The shift in mood has become clearer over the past few sessions. Earlier, it moved around near neutral with a mix of slight positive and slight negative sentiment, but more recently negative sentiment has steepened alongside the decline. Santiment's indicator reflects both the balance of positive and negative mentions and the volume of social activity. That means a large negative reading can appear when bearish comments dominate amid rising discussion volumes.

This trend also aligns with bearish sentiment that has continued since October. The ratio of bullish to bearish comments on XRP fell to 0.67 in early October. That means negative mentions outnumbered positive ones even before the recent selling pressure intensified. Some in the market also see that accumulated fatigue over falling prices could create a contrarian setup.

The zone the market is watching is $1.18 to $1.20. On the daily chart, XRP has lost this range, and on a broader chart the possibility of an inverse head-and-shoulders pattern remains. But the inverse head-and-shoulders pattern is only established after a left shoulder, a deeper central low, and a right shoulder that holds above the head form, followed by a break above the neckline.

The key is which way sentiment and price converge. A deep freeze in sentiment like the current one also means many market investors already have further declines in mind. Santiment viewed excessive pessimism as something that can overlap with conditions for a rebound, but it also noted that fear alone cannot pinpoint an exact bottom. In the end, bearish sentiment alone cannot override the price structure.

That makes the next confirmation point relatively clear as well. If negative sentiment remains strongly in place while XRP stabilises, the contrarian buying setup could gain more traction. If declines continue below this area, the current pessimism is likely to be seen not as a reversal signal but as a signal confirming price weakness.