The total cryptocurrency market capitalization has decreased by 0.7% within the past 24 hours to reach $1.22 trillion. Despite some altcoins in the top 20 by market cap category posting 1-2% in losses, many are trading flat. This is as the sector responds to the latest crypto news related to the US Securities and Exchange Commission (SEC) and its case against Ripple.
Bitcoin (BTC) and Ethereum (ETH) are continuing to hover near key support levels, trading just above $29.5k and $1,850 respectively. XRP is also showing resilience with prices remaining above $0.62, and about 2% down in the past 24 hours.
The SEC filed a notice seeking an interlocutory appeal against last month’s ruling that XRP was not a security. Despite this, the crypto market has not been significantly affected and many believe that the summary ruling has already done sufficient damage to the SEC. Former federal prosecutor James K. Filan pointed out that the regulator’s move for an appeal was “not unexpected”.
Several altcoins, such as Solana, Cardano, NEAR and Polygon, which the SEC identified as securities in its lawsuits against Binance and Coinbase, experienced great gains to new year-to-date highs.
Stuart Alderoty, Ripple’s Chief Legal Officer, noted late Wednesday that the company will file a response to SEC’s motion next week. This news has done little to sway the crypto market sentiment.
