XRP slipped toward the $2 mark in early U.S. hours Friday as social sentiment around the token deteriorated sharply, with new data from analytics firm Santiment showing the deepest stretch of bearish commentary since October.

The turn in crowd mood comes after a two-month slide of roughly 31%, leaving the token vulnerable to further downside if risk appetite weakens across majors.

Santiment’s sentiment model, which tracks streams of positive and negative social messages against price, shows XRP entering what the firm labels a fear zone, a level where negative commentary materially outweighs bullish talk.

Similar readings earlier in the year have aligned with periods of capitulation from short-term holders, although not all instances have marked durable bottoms.

The firm noted a parallel with Nov. 21, when a comparable spike in negative messages preceded a brief rebound of about 22% over the following three days before momentum faded. It suggested traders monitor whether sentiment stabilizes or continues to deteriorate, a shift that often shapes positioning in retail-heavy markets.

XRP has held up better than some smaller tokens but remains sensitive to rapid deleveraging and to the unwind of carry trades tied to US data releases and shifts in global risk appetite.