Although the US markets are closed today, the cryptocurrency market is open. We are watching very hard moves in the market. Ethereum has jumped 10.5% while Bitcoin has increased 4.5% in the last 24 hours. Ripple (XRP), on the other hand, attracted attention with its 14.5% rise.
The case between the SEC and Ripple is going through critical developments
As we prepare for June, Ripple is one of the most notable members of cryptocurrencies today. The ongoing lawsuit with the US Securities and Exchange Commission (SEC) has caused volatility, with prices hovering near $1.00.
The SEC and Ripple lawsuit was the biggest story in the cryptocurrency world for spring 2021. After the lawsuit, it seems that Ripple has a good chance of making it to the top. Reports are swirling with news that US magistrate Sarah Netburn has denied the SEC access to Ripple Labs’ legal communications.While this is not a decision directly at the center of the lawsuit, it does limit the scope of the SEC’s investigation into Ripple executives and XRP sales. In many ways, this is interpreted as a big win for Ripple and XRP.
Are cryptocurrencies securities or currency?
The SEC and Ripple lawsuit is also a very critical legal process in determining whether cryptocurrencies are money or securities.If the SEC wins, ICOs and crypto marketing will be subject to existing laws governing stock markets. It’s a game-changing story that we’ll be watching closely over the coming weeks and months.
Ripple (XRP) rally raises $ 1 psychological hurdle
Last week XRP gained more than 25%. Right now, investors are optimistic about the possibility of Ripple to beat the SEC and make a big profit for crypto deregulation. At this point, the outcome of the lawsuit is uncertain, but cryptocurrency players seem confident that XRP will emerge from the legal challenges firmly.
Looking at the weekly chart for XRP, we can see the volatility. Despite the highs and lows, one thing remains constant: the significance of $1.00.$1 is a key technical level that has driven two-way action for the past six weeks. As long as ripple trades above $1.00, an uptrend is warranted. If it drops below $1.00, we should be ready for a major correction.
The SEC and Ripple lawsuit could become even more important in the coming weeks.