XRP Exhibits Strong Bullish Sentiment Despite Ripple-SEC Settlement Snag

New data from blockchain analytics firm Santiment shows that while optimism around Bitcoin (BTC) and Ethereum (ETH) has recently cooled, retail sentiment for XRP is overwhelmingly positive.

BTC and ETH, the crypto market’s top two cryptocurrencies, have both witnessed a noticeable drop in positive sentiment on social media since late May.

Santiment noted that their sentiment ratios, which measure positive against negative commentary, have trended downward. This cooling in social buzz comes amid wild price volatility and downward pressure on both crypto’s prices, suggesting a more cautious stance among investors.

Bitcoin is trading at $106,897 at the time of publication, down 2% over the past 30 days. The alpha crypto hit $110,266 around two weeks ago on June 10, before entering a downtrend a day after Israel launched airstrikes on Iran that tanked equities and crypto markets.

Meanwhile, Ether recently dipped to $2,429. The crypto has been stuck below the psychologically important $3,000 mark for over 20 weeks following gradual erosion in trader confidence.

XRP Sentiment Positive As Judge Slaps Down $50M Settlement Request

In sharp contrast, XRP’s bullish-to-bearish comment ratio has climbed 2.1:1 — the highest in roughly 17 days.

Santiment analysts pointed out that this spike comes after New York judge Analisa Torres denied a joint request from the U.S. Securities and Exchange Commission (SEC) and Ripple for her to grant a proposed settlement agreement that would reduce Ripple’s civil penalty to $50 million and lift the permanent injunction against the blockchain payments firm.

Despite the SEC adopting a more crypto-friendly regulatory posture in recent months under its new leadership, Torres found that the law hasn’t changed.

Although Torres’s ruling was a massive legal blow that could prolong the nearly five-year-long case, it seems to have unexpectedly sparked positive discussion and belief among XRP holders.

XRP was changing hands around $2.08 on Friday, a 2.4% decrease over the past day.