Crypto largely flat despite SEC’s appeal in XRP ruling
- Crypto market cap was at $1.22 trillion, just 0.7% in the past 24 hours.
- Bitcoin and Ethereum remained near key areas, while XRP was holding above $0.62.
- The SEC files letter in court seeking an interlocutory appeal on XRP programatic sales.
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.
The SEC seeking a stay of all proceedings pending appeal is not unexpected.https://t.co/QxQc8ZoG63
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 9, 2023
Stuart Alderoty, Ripple’s Chief Legal Officer, noted late Wednesday that the company will file a response to SEC’s motion next week.
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