XRP has soared 7.3% in the past 24 hours as the SEC drops charges brought forth against Ripple executives Brad Garlinghouse and Chris Larsen, a court filing from the Southern District of New York revealed on Thursday.
The market has seen a big upturn, with the likes of Bitcoin, Ethereum, and Solana also seeing significant gains. Meanwhile, several new cryptocurrencies are proving even more bullish as the market gains confidence.
SEC Shows Bluff, Causing Market Euphoria With Prices Surging
The SEC’s relentless pursuit of cryptocurrencies has caused significant fear, uncertainty, and doubt over the past months. However, investors have recently switched bullish amid the SEC’s diminishing foothold in the industry.
On Thursday, the SEC dropped its lawsuit against Ripple executives Brad Garlinghouse and Chris Larsen, illustrating its overestimation of its capabilities to attack the industry.
Ripple CEO Brad Garlinhouse weighed in on the SEC dismissing the lawsuit, taking to X (formerly Twitter) to express his feelings on the situation. His recent tweet highlighted the amount of taxpayers’ money wasted in the case and that the SEC “repeatedly kept its eye off the ball.”
As well as suing Ripple Labs in 2020, the SEC personally sued the Ripple executives, alleging they partook in selling unregistered securities.
However, dropping the case indicates that the SEC’s case against Ripple Labs is weak, leading to massive optimism surrounding XRP’s price. Yet this is just the latest blunder in a string of recent woes by the SEC.
Earlier in October, Judge Analisa Torres ruled that the SEC cannot appeal the verdict that XRP is not a security. Moving forward, the lawsuit will focus on whether the way some XRP was sold constitutes security sales. However, XRP holders have clarity that the asset they hold is not a security.
Ripple’s Chief Legal Officer Stuart Alderoty recently noted that the case dismissal marks the third consecutive win for Ripple Labs, following the ruling that XRP is not a security in July and the SEC’s appeal to reverse the decision being denied in October.
Meanwhile, Bitcoin spot ETF applications are advancing at a significant rate. In another defeat this week, a court ruled that the SEC must revisit its dismissal of Grayscale’s application to convert its $15 billion Bitcoin trust to an ETF.
These factors have driven significant optimism, with the CoinMarketCap Crypto Fear and Greed Index climbing to 49, its highest point since August. Meanwhile, XRP’s price has recovered to $0.52 following a selloff caused by geopolitical turmoil earlier this month.
Best Crypto to Buy as Prices Pump
Withthe market turning bullish, several newly launched projects seem poised for exciting growth in the coming weeks. Here are the top three cryptos to buy now.
Groundbreaking Bitcoin Minetrix Presale Surges Past $1.8 Million for Innovative Stake-to-Mine Project
All eyes are on Bitcoin, with its halving event set for April 2024. However, Bitcoin Minetrix ($BTCMTX) looks primed for even more upside potential thanks to its revolutionary take on mining.
The project launched as a presale and has raised $1.8 million in just over three weeks, indicating the community’s vast interest in the project.
Bitcoin Minetrix enables holders to mine Bitcoin by staking $BTCMTX tokens on its Ethereum-based platform. In return, they receive mining credits, which they can burn for cloud mining power. This cloud mining power can then be used to earn free Bitcoin.
The project’s early presale success can be attributed to the effortlessness of earning Bitcoin on its platform. Historically, Bitcoin mining has been reserved for tech wizards and big business. Bitcoin Minetrix democratizes the industry, enabling anyone with a MetaMask account to get started.
Moreover, the $BTCMTX token plays a crucial role in the operation, providing significant utility-driven demand. Additionally, most tokens will be locked for staking, and there will be no additional supply since rewards are paid out in mining credits. This creates the perfect environment for tremendous upside potential, particularly when considering its one-of-a-kind use case.
Yet those looking to buy must act now as the price is incrementally increasing through each presale round. With the likes of Michael Wrubel bullish on the project, Bitcoin Minetrix certainly looks to have huge potential.
Visit Bitcoin Minetrix Presale
P2E Presale Meme Kombat Hits $600K With Investors Capitalizing on 112% Staking APY
Meme Kombat ($MK) is a new presale crypto enabling users to gamble on the outcome of AI-powered battles between popular meme characters. The project leverages traditional odds mechanics and provides multiple game modes for an immersive and realistic gambling experience.
It capitalizes on the growing crypto gambling trend but gamifies it and incorporates a meme coin element for viral potential. Despite being newly launched, it has already fared popular on social media, with the Meme Kombat Twitter boasting 7K followers and its Telegram community comprising 2.3K members.
Another benefit of the project is its lucrative staking mechanism, offering a 112% annual percentage yield (APY). As well as rewarding the community, this provides an extra stream of demand alongside the utility-driven demand from users wagering on battles with the $MK token.
It is currently undergoing a presale priced at $0.1667 per token and has already raised over $600K, with some traders backing it to 10x.
According to its website, 50% of tokens will be available in the presale, with 10% allocated to DEX liquidity, 30% to battle and staking rewards, and 10% to community rewards. This puts all the tokens in the community’s hands, enhancing the project’s long-term potential.
Yet, with the lowest-ever presale price still available, those looking to buy should not wait around.
TG Casino GambleFi Presale Surges Past $1.3 Million After Announcing New Cashback Token Utility
With the Rollbit Casino token enjoying massive success lately, the next project looking to cash in on the trend is TG Casino ($TGC) – a new Telegram-based casino with no KYC and cutting-edge token utility.
Launching on Telegram provides TG Casino with significant benefits over other crypto casinos like Rollbit. For instance, making a bet on Telegram is much faster and more convenient. Moreover, its end-to-end encryption means users can gamble privately anywhere in the world.
However, its innovative $TGC token is one of the project’s biggest strengths. Holders have many benefits, like rewards, access to exclusive games and rooms, staking (389% APY), and 25% cashback on all losses.
This provides massive utility-driven demand, which, combined with its speculative-driven, could spell notable upside potential.
Furthermore, TG Casino boasts a buyback mechanism that uses a portion of the platform’s revenue to repurchase $TGC tokens. It allocates 60% as staking rewards and burns 40%, bolstering the token’s supply and demand dynamics.
Considering these factors, it is no surprise that TG Casino is faring one of the most promising projects to buy today. However, as with the others, it is quickly selling out, so those looking to buy must be quick.