There is a vitality in the market with the altcoin XRP decision of the court yesterday. You’ll remember, at the beginning of June, the SEC took some steps. Accordingly, it filed a lawsuit against crypto exchanges Binance and Coinbase, alleging serious regulatory violations. In this case, the SEC also identified several tokens as securities, including altcoin FIL, ALGO, and COTI. We now look at six cryptocurrencies with the potential to increase post-litigation. Here are the details.
6 altcoins have strong bullish potential
Ripple’s recent legal victory over the SEC could give these altcoins a positive momentum. In the first place is the altcoin FIL. The price of Filecoin (FIL) has been trading inside a descending parallel channel since August 2022. This is a bullish pattern that in most cases often leads to a breakout. After being rejected by the resistance of the channel in February 2023, the price declined to the $2.7 support zone and recovered.
This recovery helped the price regain the middle line of the channel. Accordingly, it created a bullish divergence on the weekly RSI indicator. Therefore, altcoin FIL price has the potential to rise towards the resistance of the channel at $0.63. This marks a 36% increase from the current level.
Altcoin ALGO
Our second cryptocurrency is altcoin ALGO. The ALGO price has been falling ever since it hit its annual high of $0.3 on February 8. During this time, it dropped to the $0.1 support area, which was an all-time low on June 10. After the initial recovery, ALGO price retested the $0.1 support level. It also formed a double bottom formation with a strong rally yesterday.
This is a bullish pattern that usually causes the trend to turn to the upside. The nearest resistance level is located at $0.14. However, if an upside reversal occurs, ALGO price will rise to the $0.16 resistance zone. This indicates an increase of more than 30% in the near future. Considering that this zone was formed by a previous support area, it is likely to provide strong resistance to the price.
Is COTI on the verge of a strong move?
COTI price rebounded after hitting a yearly low of $0.4 on June 10. During this period, it reclaimed the $0.51 support zone. This is a bullish signal that is usually followed by strong upward moves.
The daily RSI indicator has formed a bullish structure. Accordingly, it ranks over 50. This points to an advantage for the bulls. Therefore, altcoin COTI price could rally towards the next resistance level at $0.72. This indicates an increase of about 30% from the current level.
Increases are also expected for Ethereum (ETH), Cardano (ADA) and Polygon (MATIC)
The decision by the U.S. District Court Judge is significant. It marked a significant milestone in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). The judge recognized institutional sales of XRP by Ripple as securities. He also stated that the crypto token sold to the public may not be classified as such. This critical distinction left the door open for Ripple’s XRP, and by extension, potentially other cryptocurrencies, to escape the label of being a security.
Following the verdict, a prominent cryptocurrency analyst suggested that if altcoin XRP is not a security, neither are ETH, ADA, MATIC, and others. The analyst’s claim is not a legal opinion. It is an intuitive inference based on the final decision. cryptocoin.com If XRP, which has been under the scrutiny of the SEC for some time, cannot be considered as a security for public sales, other cryptocurrencies with similar or less centralized structures can be considered as well.
decentralized networks
Cryptocurrencies such as altcoin Ethereum, Cardano, and Polygon operate on decentralized networks. Accordingly, this distinguishes them significantly from traditional securities. The distributed nature of these platforms suggests that their native tokens are more like commodities or currencies than securities.
However, it is very important to remember that these statements are speculation at this stage. The classification of cryptocurrencies as securities or non-security currencies will ultimately be determined by regulatory authorities and the applicable legal framework.
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