The total cryptocurrency market capitalization has declined by about 0.7% in the past 24 hours to around $1.22 trillion. While some altcoins in the top 20 by market cap category have posted 1-2% in losses within the 24-hour timeframe, many are trading flat even as the sector digests the latest crypto news related to the US Securities and Exchange Commission (SEC) and its case against Ripple.
XRP price shows resilience amid SEC’s court appeal
Bitcoin (BTC) and Ethereum (ETH) continue to hover near key support levels on Thursday, trading just above $29.5k and $1,850 respectively. XRP is also showing resilience with prices hovering above $0.62, and about 2% down in the past 24 hours.
The outlook suggests the crypto market is largely unfazed by SEC’s filing of a notice seeking an interlocutory appeal against last month’s ruling that XRP was not a security. The partial victory saw crypto explode higher, with XRP leading the charge with over 100% in gains.
Several altcoins, including Solana, Cardano, NEAR, and Polygon, which the SEC identified as securities in its lawsuits against Binance and Coinbase, rallied to new year-to-date highs.
The news of SEC’s push for an appeal hasn’t rattled markets as such, and market observers say sentiment could be that the summary ruling already did the damage to the SEC. That the regulator is seeking “a stay of all proceedings pending its appeal is not unexpected,” said ex federal prosecutor James K. Filan.
Stuart Alderoty, Ripple’s Chief Legal Officer, noted late Wednesday that the company will file a response to SEC’s motion next week.
What is the current total cryptocurrency market capitalization?
The total cryptocurrency market capitalization is currently around $1.22 trillion.
How are altcoins performing in the past 24 hours?
While some altcoins in the top 20 by market cap category have posted 1-2% in losses within the 24-hour timeframe, many are trading flat.
What is the price of XRP amid the SEC’s court appeal?
XRP is showing resilience with prices hovering above $0.62, and about 2% down in the past 24 hours.
Why hasn’t the news of the SEC’s appeal affected the crypto market?
Market observers believe that the summary ruling already did the damage to the SEC, and the news of the appeal has not significantly impacted market sentiment.
The cryptocurrency market is mostly flat despite the US Securities and Exchange Commission (SEC) appealing a ruling that XRP is not a security. The total market capitalization has decreased slightly in the past 24 hours, with altcoins trading flat or experiencing minimal losses. Bitcoin and Ethereum are hovering near support levels, while XRP remains resilient with prices above $0.62. The SEC’s appeal has not significantly affected market sentiment, and Ripple plans to respond to the motion next week.