Currently, the crypto market is experiencing a sharp divide: XRP is on the rise due to legal news, while Bitcoin and Ethereum are in decline.
Sentiment Shifts in the Crypto Market
The crypto market is witnessing significant sentiment changes. Recently, XRP has captured investor attention with positive feedback, especially against the backdrop of falling prices for Bitcoin and Ethereum. According to Santiment data, XRP exhibits a 2.1-to-1 bullish sentiment ratio following the court ruling on June 1.
Legal Catalyst Boosts XRP Optimism
The blocked SEC settlement has sparked a surge of optimism among XRP holders. "U.S. Judge Torres halted the SEC’s $50M settlement," reports Santiment, noting that this ruling boosted the morale of the XRP community. Investors view this as an informal victory for Ripple, further strengthening positive sentiment on social media.
Declining Sentiment for Bitcoin and Ethereum
Bitcoin and Ethereum are facing notable declines in sentiment. With Bitcoin's price dropping from $107,000 to $102,500 and Ethereum's sliding from $2,700 to $2,400, investor sentiment has significantly worsened. According to a recent Santiment update, "the crowd mood remains downbeat," reflecting overarching doubts about these assets.
Thus, XRP, supported by positive legal news, is experiencing a surge, while Bitcoin and Ethereum remain pressured by investor pessimism. These changes highlight the importance of legal factors in the crypto market.
