The XRP price has surged by 10% this morning, reaching $0.691398 as the cryptocurrency market gains by only 0.5%.
XRP is now up by 23% in a week and by 32% in a month, with the altcoin’s 24-hour trading volume rising beyond $2 billion today.
Such an increase follows last week’s news that Ripple had scored another victory in its case with the SEC, after an appeals court told the regulator that it can’t demand a big penalty from Ripple unless it proves that early XRP investors suffered significant financial losses.
And with early XRP investors likely to have made more money than they lost on the whole, some commentators are suggesting that Ripple will pay a small penalty, something which would be massive for XRP.
XRP Price Prediction as XRP Rockets Up 10% Instantly – Are Whales Buying?
XRP is currently the most bullish major token in the market today, with its indicators are very hot.
Its 30-day average (yellow) climbed over its 200-day (blue) several days, signalling a breakout rally which does now appear to be in progress.
Source: TradingView
At the same time, XRP’s relative strength index (purple) has risen well beyond 80 and is very near 90.
This puts it firmly in an ‘overbought’ position, yet XRP is also up by 0.5% in the past hour, so it doesn’t look like it will be coming down just yet.
The coin’s trading volume also supports such confidence, having risen from under $300 million on certain days in October to over $2 billion today.
That said, the latest data would suggest that at least some whales are preparing to take advantage of the current spike by moving their XRP holdings to exchanges.
23,800,000 #XRP (15,600,863 USD) transferred from unknown wallet to #Bitstamphttps://t.co/41E5Qw9llm
— Whale Alert (@whale_alert) November 5, 2023
For this reason, XRP may dip somewhat in the next few days, yet its overall momentum would suggest that more gains will come again afterwards.
A big factor in its current momentum is a piece of Ripple-SEC news from last week.
As noted above, the United States Court of Appeals 2nd Circuit denied the SEC’s ability to ask for a massive disgorgement penalty against Ripple, at least now without proving that investors suffered financial harm.
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
— John E Deaton (@JohnEDeaton1) November 4, 2023
This is likely a big ask for the SEC, and on top of other recent blows for the regulator, it would suggest that the case is effectively over.
Investors seem to think this way, judging by the XRP price.
And with the wider market also becoming more bullish in general, XRP could now easily hit $0.80 by the end of the year.
New High-Potential Altcoins
XRP isn’t the only strong altcoin in the market, however, with several newer coins also looking as though they could bring big returns soon enough.
One of the best examples of this is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised over $3.4 million in its increasingly successful presale.
#BitcoinMinetrix marks another notable milestone!
Surpassing $3,400,000 raised. pic.twitter.com/jb9TGSPvFe
— Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
Such a figure makes Bitcoin Minetrix one of the biggest presales of the year, with its unique concept winning over investors.
Namely, Bitcoin Minetrix will enable its users to mine actual Bitcoin (BTC) by staking its native token, BTCMTX.
This works by providing BTCMTX stakers with tokenized mining credits in return, which users can then spend to purchase Bitcoin hash power.
By spending enough mining credits, users will earn newly mined Bitcoin, as well as freshly issued BTCMTX tokens.
This potentially makes Bitcoin Minetrix a highly profitable platform, while also promising to open up Bitcoin mining to more participants.
Such a system has clearly intrigued plenty of investors, with new buyers able to join the presale by visiting the official Bitcoin Minetrix website.
1 BTCMTX presently costs $0.01140, although this will rise to $0.01190 by the tenth and final stage of the sale.
Of course, this price could rise much higher once Bitcoin Minetrix launches and its token lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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