Even with a staggering $1.1 billion in trade volume over the last day, XRP is still losing money and its price is not rising.
XRP’s trading volume has dropped 21.2% over the past day, according to CoinMarketCap statistics, suggesting a halt in activity despite a recovery in the larger cryptocurrency market.
Bitcoin is in the forefront of the recent rebound in the broader cryptocurrency market, having surpassed $68,000. As Bitcoin regained the $68,000 level, a large portion of the market increased.
XRP, on the other hand, has not recovered similarly, and it is still losing money despite little gains. Despite the broader upward momentum on the cryptocurrency market, the price of XRP has dropped by about 1% during the past day. As of this writing, XRP has dropped 0.87% over the previous day to $0.546, indicating that the asset has not yet benefited from the current upswing in the cryptocurrency market.
Numerous variables, such as market mood and news stories that specifically impact XRP, such as recent developments in the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), might be blamed for the poor performance of the XRP price.
The SEC’s most recent appeal action has added to the market’s uncertainty, notwithstanding Ripple’s partial success in July of last year that XRP was deemed a nonsecurity. The market is still searching for new information that might have a big impact on the price of XRP.
SEC files Form C civil appeal
The SEC challenged some parts of the court’s summary judgement in favour of the Ripple defendants in its XRP ruling in a Form C civil appeal and pre-argument statement on October 17.
The statement says that the SEC’s appeal addressed allegations against Chris Larsen and Brad Garlinghouse, two executives of Ripple, that they “aided and abetted Ripple’s violations of those provisions” by issuing and selling XRP in violation of securities laws.
The appeal contests the court’s ruling to grant the defendants partial summary judgement, citing Ripple’s XRP disbursements in return for noncash payments, personal sales by Garlinghouse and Larsen, and XRP sales on exchanges.
In response to the SEC’s appeal on X, Stuart Alderoty, chief legal officer of Ripple, emphasised that the decision that XRP is a nonsecurity is not appealed in the SEC’s Form C.
