Major cryptocurrencies are displaying mixed sentiments. While the Bitcoin price continues to trade above the crucial $37,000 level – currently at $37,300 – the altcoins are showing signs of weakness.
Tokens such as Solana, Cardano and Avalanche have experienced significant pull-backs today, owing to the US Securities and Exchange Commission labelling them as securities in its lawsuit against Kraken crypto exchange.
Despite not being a part of the lawsuit, XRP has also adopted a bearish stance, correcting 2% over the past 24 hours and 6% over the past week. The XRP price is currently trading at $0.612 mark, with a market capitalization of $32.9 billion, CoinMarketCap data reveals.
However, analysts believe that the bulls are set to be back in the game, highlighting the possibility of XRP hitting the $1 mark in the coming weeks. Experts are also bullish on a new cryptocurrency Bitcoin Minetrix, thanks to its innovative cloud mining utility.
Why SEC’s Lawsuit Against Kraken Could Give A Boost To XRP
In its lawsuit against Kraken, the SEC reiterated its stance that cryptocurrencies such as SOL, ADA, and MATIC – along with 13 other tokens – are all securities. The agency had made similar claims in its lawsuit against Binance and Coinbase, which also resulted in major sell offs in these midcaps.
However, XRP’s non-security status continues to be the law of the land. Earlier this year, SDNY District Judge Analisa Torres dealt a major blow to the SEC, ruling that while Ripple’s institutional sales did violate the Securities Act, its programmatic sales did not.
Furthermore, she struck down the agency’s motion for an interlocutory appeal against her previous ruling, doubling down on her stance. The SEC then proceeded to drop its claims against Ripple co-founders Brad Garlinghouse and Chris Larsen.
Ripple’s legal victories against the SEC is now being seen as an inspiration, which could favorably impact the token’s price. Lawyer John Deaton, who previously represented XRP investors and was crucial in Ripple’s win, will now represent Kraken users against the SEC’s hawkish stance.
Backers of the token on social media are already pressuring BlackRock and other TradFi giants to file for XRP ETFs, stating that XRP is the only cryptocurrency in the US to have regulatory clarity.
XRP Price Prediction – Why XRP Could Hit $1?
Despite the weakness in XRP’s price over the past week, its technical analysis reveals that the token offers tremendous upside potential.
Popular crypto analyst Dark Defender, who has close to 100k followers on X, highlights that $XRP has formed a “cup & handle pattern” in the daily time frame. According to him, as long as the token continues to close above the $0.604 support, XRP is primed for a bullish surge towards the $1.05 and $1.88 price targets.
Other analysts have corroborated his bullish XRP price prediction. Analyst Egrag Crypto, who has close to 40k followers on X, believes that the XRP price could soon appreciate to $0.80, followed by a bullish continuation to $1.30 in the short-term. In the long-term, XRP is on the trajectory to hit $2.8, followed by a new all-time high at $5.50.
To achieve these predictions, the token would first need to breach its current descending channel, which would give fresh legs to an XRP bull rally. The next step would be to flip the 20-day Exponential Moving Average at $0.62 and the 20-day Simple Moving Average at $0.64. Finally, the $0.85 level will act as the final resistance before XRP reclaims the $1 mark.
Why Analysts Are Backing Bitcoin Minetrix To 10x
Aside from XRP, experts are also high on Bitcoin Minetrix to display an explosive rally. In fact, popular trader Jacob Bury predicts that the token could display a 10x bull rally after its launch.
The strong demand for the token is evident in its presale, in which it has already raised $4.2 million in just over a month. Bury believes that the reason for this demand is Minetrix’s cloud mining utility, which makes it simple for ordinary investors to mine Bitcoin and earn passive rewards.
The traditional crypto mining industry has been increasingly dominated by wealthy corporations for over a decade, while retail investors have been pushed out. Due to the extreme competition, the capital investment and technical expertise required to mine Bitcoin has become very high.
However, with Bitcoin Minetrix, investors can simply stake the $BTCMTX tokens, in exchange for mining credits. These credits can be burned for cloud mining time or a percentage of the yield, both options leading to passive BTC rewards. Minetrix’s stake-to-mine dashboard makes the process simple and intuitive.
This tokenized cloud mining approach also reduces the risk of scams and centralization, allowing investors to unstake and sell their tokens at any point.
Even before the launch of the cloud mining operation, investors can start to earn staking rewards from the presale itself, currently at an APY of 141%.
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