XRP’s price reached a new 2024 high of $0.74 today. The move was spurred by a mix of fundamental and price factors.
Meanwhile, the new presale Green Bitcoin could be next to surge as it crosses the $3.5 million total raised mark, illustrating a massive community interest.
Ripple Labs CEO Comments and Coinbase Legal Action Trigger XRP Breakout
Fundamentally, there were two main drivers behind XRP’s recent price increase.
Firstly, Ripple Labs Founder Brad Garlinhouse broke an extended silence, commenting on the Bitcoin ETFs and alluding to XRP’s real-world potential.
“BTC ETF volumes have been soaring, we’re due for a halving, and the broader crypto market is following BTC’s lead.”
He continued, “As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with real-world utility. That’s the real (and inevitable) march of progress.”
While Garlinhouse did not explicitly mention XRP, the tweet has gathered tremendous excitement, with 8K likes and almost 600K views.
Meanwhile, no advancements have occurred in Ripple Labs’ legal battle against the SEC. However, news from Coinbase’s case seems to have strengthened Ripple Labs’ position.
“Today, Coinbase filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. The SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act,” Said Paul Grewal, Coinbase’s chief legal officer.
He added, “If you go back and read the SEC’s perfunctory denial, you’ll be hard-pressed to find an actual reason for its inaction. This is despite the dozens of legitimate concerns we raised in our petition, including questioning the SEC’s authority over the digital asset space.”
Coinbase CLO argues that the SEC unjustly oversees the crypto industry. Consequently, Coinbase is working toward a Motion to Dismiss (MTD) its case.
While the action does not directly pertain to XRP, Coinbase securing a MTD would likely also bolster Ripple Labs’ chance of victory.
These fundamental events have been reflected in XRP’s price, which has jumped 12% today and is currently trading at $0.69.
But adding to XRP’s excitement, analysts have noted a monumental breakout that could generate vast momentum.
In a recent chart analysis, Captain Faibik predicted that XRP is headed toward $2.3.
“XRP is finally breaking out of the triangle after a long consolidation,” he said.
Many analysts have proposed a similar chart thesis, illustrating market confluence and adding to XRP’s momentum.
But this is not the only crypto currently gathering pace. Another is Green Bitcoin, a revolutionary presale that recently hit the $3.5 million total raised mark.
Trending Bitcoin Alternative Green Bitcoin Raises $3.5M Ahead of Halving
As a green alternative to Bitcoin, Green Bitcoin has caused a stir in the crypto community.
Raising over $3.5 million so far, the project has received widespread support from investors, analysts, and media outlets alike.
In a recent analysis, prominent YouTuber Jacob Bury speculated the project holds 10x potential. Meanwhile, media outlets like Cointelegraph, BeInCrypto, and Coinpedia have all featured the project.
Green Bitcoin launched on the Ethereum network and replaced mining with staking, making for a more accessible and eco-friendly way to generate passive rewards.
Currently, stakers can garner a 131% APY, but this will decrease as more tokens are staked.
In addition to passive rewards, staking also grants $GBTC holders access to the project’s flagship predict-to-earn mechanism.
This feature invites users to guess whether Bitcoin’s price will rise or fall the next day. The winners receive $GBTC rewards and up to 100% bonuses.
The combination of eco-friendliness and hard-wired utility makes Green Bitcoin a formidable Bitcoin alternative. Factoring in BTC’s recent bullish performance and the looming Bitcoin halving, it becomes apparent that Green Bitcoin could hold tremendous potential.
Currently, investors can buy the Green Bitcoin presale for $0.8402, but this price will incrementally increase throughout the campaign, with the next uptick in four days.
