But social media turned positive
A federal judge rejected a proposed settlement from #ريبل and the SEC for $50 million, but public opinion on Ripple ($XRP ) turned positive nonetheless.
Ripple settlement and the U.S. Securities and Exchange Commission (#SEC ) halted after court rejection
It seemed that the Ripple and SEC case was progressing after both parties agreed to a reduced settlement of $50 million, but the court has now rejected the joint request for a guidance ruling.
According to a filing posted by defense attorney James K. Filan on X, neither party showed any extraordinary circumstances that outweigh the public interest or the application of justice, justifying a modification of the ruling. This means that the original fine of $125 million remains in effect for Ripple.
Following this news, the price of Ripple experienced a sharp decline, as illustrated in the chart below.
The asset's price was trading at around $2.15 at the time the news broke, but it has since fallen below $2.09, representing a decrease of about 3%. Naturally, this reaction is relatively mild by cryptocurrency sector standards, but it may indicate some panic selling.
However, individual trader sentiment saw a surprising increase, according to social media data.
Sentiment for $XRP
Positive sentiment on social media
In a new post on platform X, the analytics company Santi,,ment discussed how social media users responded to news of the #RippleSEC case setback. The index shared by Santi,,ment is the "positive/negative sentiment," which measures the ratio of positive to negative comments related to a specific cryptocurrency on major social media platforms.
This index distinguishes between positive and negative posts/conversations/messages on platforms using a machine learning model and determines how the counts of both compare.
Below is a chart showing the latest trend in #Bitcoin and #Ethereum and $XRP :
As shown in the chart above, the positive/negative sentiment index currently exceeds level 1 for all three of these cryptocurrencies, indicating that posts related to bullish sentiment outnumber bearish posts.
As for Bitcoin and Ethereum, the positive comments have only a slight edge, meaning that despite the optimism among the public, it is moderate.
The chart shows that XRP has sharply distanced itself from these assets, raising the positive/negative sentiment index to 2.1. This is the highest level for the cryptocurrency in 17 days, corresponding to more than double the number of bullish forecasts compared to bearish forecasts.
Often, retail trader sentiment acts as a contrarian signal, where extreme values in either direction lead to some sort of price reversal. So, while this shift in public mindset may suggest that investors are not worried about the news, the index may still be worth monitoring.