The past week saw Bitcoin surge 20% to hit the $35k price mark, leading many experts to sound the onset of the crypto bull market. Altcoins such as Chainlink, Injective and Solana have also displayed bullish strength, with meme coins such as Pepe and Floki surging over 80%.
However, XRP’s price action has worried some investors, especially considering the number of legal victories that Ripple has scored over the SEC. XRP’s non-security status remains the law of the land and yet, the token has appreciated only by 4% over the past week.
The XRP price is currently trading near the $0.54 mark, nowhere near the $0.85 level that it hit after Ripple’s initial victory over the SEC. Despite Ripple’s partnership with Uphold to enhance cross-border payment, the token has depreciated 1.2% over the past 24 hours.
While bulls are still confident that XRP will hit the $1 mark before the end of the year, this would likely require Bitcoin to display a violent price growth in the coming weeks.
On the other hand, a new cryptocurrency – Bitcoin Minetrix – continues to display strength in its presale, having already raised $2.6 million in just a month.
XRP Price Action Remains Tepid Despite Bitcoin Bull Rally
Over the past few months, no crypto company has scored more legal victories over the US Securities and Exchange Commission than Ripple.
In July this year, Judge Torres of the SDNY District Court ruled that while Ripple’s institutional sales did violate the Securities Act, its programmatic sales did not, essentially declaring that XRP is not a security in itself.
She then handed another loss to the SEC by denying its motion for an interlocutory appeal against her previous ruling. Subsequently, the SEC has also dropped its lawsuit against the Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
However, the SEC is demanding a $770 million settlement from Ripple, as the company’s institutional sales did violate the Securities Act. The company is expected to challenge the amount.
There is also speculation that the SEC could appeal Torres’s ruling once again, however, the agency has not commented on it as of yet. In short, XRP’s non-security status remains the law for the foreseeable future.
Yet, the token has displayed no real strength over the past week, despite other major cryptocurrencies showing explosive price action. Even after surging to the week high of $0.58, XRP failed to breach the $0.60 price mark, leading to a sharp decline in the coming days.
Trader @xrp_prime highlights that XRP continued to see low daily trading volume, even when Bitcoin and Ethereum were experiencing a surge of liquidity. He also reveals that Bitcoin would have to show more upside in the coming weeks for XRP to break crucial resistances.
With experts predicting BTC to hit the $40k price mark by the end of the year, an XRP price bull run is not out of the question. However, the bulls would first need to breach the 100-day Simple Moving Average at $0.555, which could lead to a strong continuation.
Potential XRP Alternative Bitcoin Minetrix Nears $3 Million In Presale, Experts Predict 10x Bull Rally After Launch
The Bitcoin Minetrix project is launching a decentralized cloud mining platform that makes it easy for ordinary investors to mine Bitcoin and earn passive BTC rewards.
In the early days, Bitcoin mining used to be a simple endeavor, easily accomplishable with a CPU. However, over the past decade, the industry has been monopolized by wealthy corporations, making it nearly impossible for retail investors to earn any mining rewards.
Now with Bitcoin Minetrix, these investors can simply stake the $BTCMTX token and receive mining credits in return. These credits can be burned in exchange for a percentage of the yield or cloud mining time, both options leading to passive BTC rewards.
With the next crypto bull market expected to start any day, this accumulated BTC could generate a sizable passive income. In fact, investors can stake their tokens in the presale and earn staking rewards, even before the launch of the cloud mining operation.
Minetrix’s stake-to-mine approach also offers higher transparency, while eliminating the need for long-term contracts required by other cloud mining platforms.
Thanks to its unique value proposition, the Bitcoin Minetrix presale has raised $2.6 million and continues to experience a robust demand, leading popular trader Jacob Bury to predict a 10x bull rally after the token’s launch.