Major altcoins saw another strong correction as the global crypto market cap shrank by 0.5% over the past day. Solana plunged 4% over the past 24 hours, while Cardano fell close to 2% over the same period.

The crypto market is facing a choppy week ahead as the threat of an SEC appeal against the recent Ripple ruling becomes more likely.

Despite the bearish conditions, several tokens remain bullish due to their high utility. Launchpad XYZ is one such project that has recently surpassed the $1 million mark in its ongoing presale.

Solana and Cardano Plummet As Ripple’s Post-Win Enthusiasm Dampens

Ripple’s landmark win against the SEC provided a strong bullish boost to the entire crypto market.

In a watershed ruling, district judge Analisa Torres stated that Ripple’s programmatic sales of XRP tokens did not meet the criteria set by the Howey test and thus did not make the token a security.

The decision resulted in a close to 100% surge for XRP, with the token trading as high as $0.95 at one point – it has since corrected to $0.738.

The ruling also resulted in double-digit pumps in other major altcoins that have been labelled as securities in the SEC’s lawsuit against Binance and Coinbase.

Solana in particular reached its highest price mark since the disastrous FTX bankruptcy in November of last year. The token is currently trading at $26.9 and is up 30% over the past week, bringing its total gains to 70% over the last month.

Similarly, Cardano is also up 10% in the weekly time frame as the ADA token is trading at $0.31.

Cardano and Solana’s surge can be attributed to the widespread belief that Ripple’s victory will make it easier for other tokens to prove their non-security status. Expert crypto analyst Lark Davis believes that if XRP is not a security, then most other major altcoins aren’t as well.

However, several legal experts now believe that this celebration may have been premature. Both ConsenSys lawyer Bill Hughes and litigator Bryan Jacotout are of the opinion that the SEC will likel