Ripple price is set for a breakout given the optimism in the community about the outcome of the SEC case on June 13th. Filecoin is classified as a security by the SEC, and Tradecurve offers self-custodial asset management on a high liquidity exchange.
Ripple community eyes June 13th
As many in the crypto community know, the Hinman documents are critical in the Ripple vs. SEC case, and XRP price is heavily influenced by the ongoing lawsuit. The newest developments in the ongoing lawsuit with the US Securities and Exchange Commission have traders been bullish, anticipating a victory.
Price action is also acting in favor of a bullish breakout, showing an inverse head and shoulder pattern on the D1 chart, which signals an upcoming bullish trend after a bear market or consolidation.
With the fifth anniversary of Hinman’s speech on June 14th, XRP lawyer John Deaton has committed to unseal the documents a day before the 14th.
At the time of writing, Ripple’s token is trading at $0.50, and if the chart pattern gets confirmed, the path of least resistance is up to $0.65.
Trading above the all-relevant support zones, above the 50-, 100-, and 200-day SMA, and with the RSI pointing upwards, leveling over 35 is suggesting rising momentum and opening a massive buying opportunity for XRP investors.
But Ripple is not the only target of the SEC.
SEC classifies Filecoin as a security
The SEC is on the hunt and recently announced a really crucial ruling for Filecoin declaring Filecoin a security and placing it under the SEC’s regulatory control. How that will work for a marketplace for individuals to rent out empty hard drive space will have to be seen.
Unlike traditional cloud storage services, Filecoin is user-owned, and anyone can join the network as a user or a storage provider. The decision came after Grayscale launched its GFT- Grayscale Filecoin Trust in March 2021, providing investors with indirect exposure to Filecoin.
Grayscale disagrees with the decision and intends to respond immediately. This is crucial, as the SEC widens its crackdown on the crypto industry. Kraken also has been fined this year for selling “unregistered securities”.
SEC Chairman Gary Gensler claims that mostly all digital assets are securities, with only Bitcoin being an exception as it has already been declared a commodity.
At the time of writing, FIL was trading at $4.23, down by 8% over the last 24 hours, following a wider market correction.
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