Although the U.S. markets are closed today, the cryptosphere is alive and kicking. Key movers have been Bitcoin BTC (+4.5%), Ethereum ETH (+10.5%) and Ripple XRP (+14.5%). As we prepare for June’s trade, Ripple is the asset class headliner. Pending litigation with the U.S. Securities and Exchange Commission (SEC) has driven volatility and has prices hovering near the $1.00 handle.

By a wide margin, the SEC vs Ripple has been the biggest story in crypto for spring 2021. Now, it appears that Ripple has a good chance of coming out on top. Reports are hitting the newswires that U.S. magistrate Sarah Netburn has denied the SEC access to Ripple labs legal communications. While this is only a peripheral judgement, it does limit the scope of the SEC’s investigation into Ripple executives and sales of XRP. In many ways, this is a big win for Ripple and XRP.

At the end of the day, the SEC vs Ripple case will go a long way in determining whether cryptocurrencies are money or securities. If the SEC wins, initial coin offerings and crypto marketing will be subject to the existing laws governing the equities markets. This is a major game-changer and a story that we will be watching closely in the coming weeks and months.

Ripple (XRP) Rallies, Takes Out The $1.00 Psychological Barrier

Over the past week, XRP has gained more than 25%. Right now, investors are optimistic about the possibility of Ripple beating the SEC and delivering a big win for crypto deregulation. At this point, the outcome of the litigation is unclear. However, cryptocurrency players are betting that XRP is going to emerge from the legal challenges in a solid place.

Overview: If you take a look at the weekly chart for XRP, you can see the volatility. Despite the peaks and troughs, one thing is constant ‒ the importance of $1.00. This is a key technical level that has driven heavy two-way action for the past six weeks. As long as Ripple is trading above $1.00 a bullish bias is warranted; if it falls beneath $1.00, brace for a significant correction. 

The SEC vs Ripple court case is going to play huge in the coming weeks. Be sure to stay tuned for updates on key events and developments for XRP as they unfold.