The price of XRP (XRP) surged over 7% yesterday evening after the SEC’s appeal to extend the ongoing court battle with Ripple Labs was rejected.
This legal win builds new momentum for XRP, which has been beaten down since mid-July’s huge jump.
Given that XRP now looks to be on the precipice of an uptrend, investors are already searching for which cryptocurrencies could be next to pump – with the Bitcoin Minetrix (BTCMTX) project standing out.
SEC Appeal Rejection Hands Ripple Advantage in Court Battle
On October 3, federal judge Analisa Torres rejected the SEC’s motion to appeal its major loss against Ripple Labs.
The SEC had sought to challenge Torres’ initial ruling in July, which stated that sales of XRP to retail customers via exchanges did not violate federal securities laws.
However, Torres found that the SEC failed to meet the legal burden to show substantial grounds for an appeal.
This is a massive setback for the SEC’s effort to regulate crypto markets under securities law.
Notably, this hasn’t been viewed as a complete loss for the regulator since Torres did allow the April 2024 trial date, which will focus on other issues between the SEC and Ripple Labs.
But for now, Ripple Labs has the upper hand in the battle, with crypto advocates cheering the limitation of the SEC’s power.
Stuary Alderoty, Chief Legal Officer of Ripple Labs, tweeted that the initial July ruling was “the law of the land” and that XRP is “not a security” – a statement that echoes the thoughts of the wider crypto community.
XRP Price Surges on SEC Defeat While Broader Market Slumps
The rejection of the SEC’s appeal immediately boosted XRP’s price, which surged over 7% on the news.
This stood in stark contrast to most other major cryptocurrencies, which were trading lower on the day.
XRP managed to hold on to most of the gains yet did retrace slightly from its intra-day high of $0.547.
This sharp surge highlights how the prolonged SEC lawsuit has weighed on XRP’s price over the past few years.
Now, with a clear advantage over the SEC, many investors are betting that the case in April 2024 will conclude favorably for Ripple.
XRP is up by 4% over the past month, with these investors hoping the appeal rejection provides a pathway to sustained upward momentum.
Although there is still some uncertainty surrounding XRP, the token now looks decoupled from the broader market, which could be good news in the short term.
Which Crypto Could Be Next to Pump?
With XRP surging on the news of positive legal developments, investors are searching for which altcoin could see major gains next.
One new project gaining buzz is Bitcoin Minetrix, a Stake-to-Mine platform currently in a highly successful presale phase.
Bitcoin Minetrix Offers Unique Way to Earn BTC Rewards & Raises $430k Through Presale
Bitcoin Minetrix (BTCMTX) is a decentralized cloud mining platform that aims to make Bitcoin (BTC) mining accessible to retail investors.
Using its Stake-to-Mine mechanism, users can purchase and stake BTCMTX tokens on Ethereum-compatible wallets, like MetaMask.
In exchange, users will receive non-transferable mining credits that can be used to generate cloud mining power.
Ultimately, this process allows users to earn BTC rewards for mining while avoiding the need for massive upfront investment in specialized mining hardware.
Additionally, the project has been audited by blockchain security firm Coinsult, adding transparency that’s often lacking with traditional cloud mining firms.
Currently, Bitcoin Minetrix’s team is making BTCMTX tokens available to investors via a 10-stage presale, priced at just $0.011 per token.
The minimum investment in this presale is $10, which makes it accessible to a wide range of investors.
Over $430,000 has already been raised in the presale ahead of Bitcoin Minetrix’s public launch, which serves as a testament to the high level of interest from the investment community.
Members of the crypto influencer community have also taken note, including YouTuber Michael Wrubel, who has an audience of over 310,000 subscribers.
Wrubel recently released a video breakdown of Bitcoin Minetrix, stating that he’s “bullish” on its future.
With a strong buzz from influencers like Wrubel and low barriers to entry, Bitcoin Minetrix could benefit from the positivity surrounding XRP’s latest legal win.
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