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Despite a massive $1.1 billion in trading volume over the past 24 hours, $XRP remains in the red, with the price struggling to gain traction.
According to CoinMarketCap data, $XRP's trading volume has decreased by 21.2% in the previous 24 hours, indicating a slowdown in activity, even as the broader crypto market experienced a rebound.
The larger cryptocurrency market is currently undergoing a recovery, with Bitcoin leading the way by surpassing $68,000. Much of the market rose as Bitcoin reclaimed the $68,000 mark.
However, this recovery has not been mirrored by $XRP, which remains in the red despite slight losses. The price of $XRP has declined by nearly 1% in the last 24 hours, despite the larger positive movement on the crypto market. At the time of writing, $XRP was down 0.87% in the last 24 hours to $0.546, suggesting the asset has yet to benefit from the recent crypto market rebound.
The reason for the lackluster $XRP price performance could be attributed to various factors, including market sentiment and specific news affecting $XRP, including recent developments in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
While Ripple scored a partial victory in July last year that declared $XRP as a nonsecurity, the SEC’s latest appeal move has injected fresh uncertainty onto the market. The market continues to look for further developments, which could have significant implications for $XRP’s price.
SEC files Form C civil appeal
On Oct. 17, the SEC filed a Form C civil appeal, along with a pre-argument statement, challenging specific portions of the court's summary judgment in favor of the Ripple defendants in its $XRP decision.
According to the filing, the SEC's appeal addressed claims against Ripple executives Brad Garlinghouse and Chris Larsen, saying that they violated securities laws by issuing and selling $XRP and "aided and abetted Ripple's violations of those provisions."
The appeal challenges the court's decision to give partial summary judgment in favor of the defendants, which included $XRP sales on exchanges, personal sales by Garlinghouse and Larsen, and Ripple's $XRP disbursements in exchange for noncash payments.
Stuart Alderoty, Ripple's chief legal officer, reacted to the SEC's appeal on X, underscoring that the SEC's Form C does not appeal the ruling that $XRP is a nonsecurity.