- Bitcoin and Ethereum sentiment drops amid price dips and lower trading volumes.
- XRP sentiment rises after judge blocks Ripple-SEC $50M settlement despite price fall.
- XRP trading volume spikes 20% amid increased market activity despite 4.29% price drop.
A noticeable shift is happening in the social sentiment toward major cryptocurrencies. Fresh data from the analytics firm Santiment shows that while optimism around Bitcoin (BTC) and Ethereum (ETH) has recently cooled, bullish commentary for XRP has surged, driven by recent events in the Ripple-SEC legal case.
Bitcoin and Ethereum, the market’s two largest assets, have both seen a clear decline in positive sentiment across social media platforms since late May. According to Santiment, their sentiment ratios, which measure positive against negative commentary, have trended downward. This cooling in social buzz coincides with price volatility and downward pressure on both assets, reflecting a more cautious stance among investors.
At the time of this report, Bitcoin traded at $107,380, down a minor 0.39% for the day, with its market cap also slipping by 0.38% to $2.13 trillion. Bitcoin’s 24-hour trading volume saw a significant drop of 17.48% to $42.67 billion.
Ethereum faced a similar decrease in market activity. Its price closed the day at $2,446, a drop of 1.49%, bringing its market cap down 1.51% to $295.27 billion. Trading volume for ETH also fell by 13.69% to $16.77 billion.
XRP Sentiment Surges After Judge Blocks SEC Settlement
In sharp contrast to the market leaders, XRP’s social sentiment ratio has climbed to a 17-day high, with roughly 2.1 bullish comments for every bearish one. Analysts at Santiment attribute this boost directly to a U.S. judge’s recent decision to block a proposed $50 million settlement between Ripple and the SEC. While the ruling was a legal setback that prolongs the case, it appears to have unexpectedly reignited positive discussion and conviction within the XRP community.
The market data for XRP presents a mixed but interesting picture. As of press time, XRP traded at $2.09, down 4.29% for the day. However, its 24-hour trading volume surged by an impressive 20.62% to $3.18 billion, pointing to a dramatic increase in trader engagement even as the price fell. The token’s market capitalization declined by 4.34% to $123.61 billion.
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