Ripple has scored another major win over the US Securities and Exchange Commission. Judge Analisa Torres has rejected the SEC’s motion for an interlocutory appeal against her previous ruling that granted XRP its non-security status.
This is Ripple’s second victory over the SEC in a span of just three months and could go a long way in boosting XRP’s institutional adoption. Furthermore, the company has also obtained a full licence – from the Monetary Authority of Singapore – to provide digital payment services in the country and expand its APAC operations.
This back-to-back good news for XRP has pushed the token to the $0.53 mark, up 4% over the past 24 hours. While the rally may not have enough legs to breach the $1 mark by itself, a Bitcoin bull run in October could provide the necessary boost.
Meanwhile, a new BTC alternative – Bitcoin Minetrix – is also gaining traction amongst smart money traders and whales, having already raised close to $500k in its presale.
Experts Give XRP Price Prediction After Massive Win – Is $1 In Cards?
XRP’s non-security status remains the law of the land as the SDNY District Judge Analisa Torres upheld and bolstered her previous ruling, denying the SEC’s motion to file an interlocutory appeal.
Judge Torres had previously ruled that while Ripple’s institutional sales of XRP did violate the Securities Act, its programmatic sales did not. Despite the partial ruling, XRP proponents claimed victory, highlighting that the court order proved that the token was not a security in itself.
On August 18, the SEC filed a motion to certify its interlocutory appeal, on top of requesting a stay on all court proceedings. The SEC’s appeal was largely based on the analysis of another SDNY District Judge – Jed Rakoff – who stated that the Securities Act does not distinguish between institutional and retail sales.
Yesterday, Judge Torres shut down the SEC’s attempt at an appeal, highlighting that the top financial watchdog has not met the burden of proof required to justify one. She also announced that the trial on this matter will begin on the 23rd of April, 2024.
The SEC still has the option to appeal the ruling after the completion of the trial. However, lawyer Fred Rispoli believes that this could take as long as February of 2026 until which, the “XRP is not a security” ruling will stay the law.
Ripple’s victory, coupled with the company securing a digital services license in Singapore, resulted in a 100% surge in XRP’s 24-hour trading volume. The XRP price is now hovering near the $0.53 mark, representing an appreciation of 4% over the past 24 hours and 6% in the past month.
Further bullish continuation now depends upon the ability of the token to breach some crucial resistances. While the XRP price is currently outperforming almost every important moving average indicator in the daily time frame, it is failing to flip the 100-day Exponential Moving Average at $0.535.
Popular crypto analyst @DefendDark, who has close to 100k followers on X and is massively bullish on XRP, believes that the token would need to flip and hold the resistance at $0.55, which could lead to a move to $1.
XRP is also currently experiencing an interesting relationship with Bitcoin. Analyst @xrp_prime highlights that the XRP/BTC trading pair is failing to breach the crucial 200-week moving average – an increase in BTC’s value will only make this target that much more difficult.
On the other hand, a Bitcoin bull rally can provide fresh liquidity in the crypto market, which could push the price of altcoins like XRP to create new local highs.
New BTC Alternative Bitcoin Minetrix Approaches $500k, Experts Predict Crypto Price to 10x After Launch
XRP is not the only cryptocurrency set to explode in an “Uptober” bull run. Experts are also backing the exciting new Bitcoin Minetrix token to display strong price growth after its launch, with some popular traders like Austin Hilton calling it a “crypto gem”.
The Bitcoin Minetrix presale has raised over $500,000 within days, with investors backing its aim to shake up the Bitcoin mining industry right before the upcoming BTC halving.
BTC mining can be extremely profitable during a crypto bull market as the BTC price increases at a much higher rate than the costs. However, most retail investors simply do not have the technical expertise or the capital required to set up a competitive mining operation.
While Riot Platforms – one of the biggest mining companies in the world – produced 1775 BTC in the second quarter of this year alone, an investor with a simple CPU would require several hundred thousand years to mine just one block.
Bitcoin Minetrix’s cloud mining platform is correcting the lopsided nature of the industry by making BTC mining rewards accessible to everyday investors. They will simply need to purchase BTCMTX tokens – at a price of just $0.011 in the ICO – and stake them in an Ethereum-powered smart contract.
In exchange, they will receive mining credits which can be burned for cloud mining time or a percentage of the yield. In this manner, investors can accumulate passive BTC rewards, without the hassle of managing a mining operation.
The Bitcoin Minetrix stake-to-mine dashboard will make the entire process simple and intuitive.
The cloud mining industry has tremendous pent-up demand as most early platforms either turned out to be scams or forced clients into long-term contracts. On the other hand, Bitcoin Minetrix users can unstake and sell their tokens at any time, an approach that is already catching the attention of crypto whales.
The admin of the Crypto Whale Pumps group on Telegram – who has 25k subscribers – has called the Bitcoin Minetrix token a winner, revealing that he has invested a five-figure sum into it. He has also highlighted the performance of similar stake-to-earn tokens like Bitcoin BSC and BTC20 as one of his reasons for purchasing Bitcoin Minetrix.
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