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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.