Traders are turning bullish on the price of XRP as it finally breaks the September resistance after breaching $0.55
The price breakout comes after the SEC asked Ripple for $770 million in restitution as a fine to close the legal battle against the crypto powerhouse, with a date for talks set on November 9th.
Meanwhile, a new stake-to-mine ecosystem is causing waves in the industry as it seeks to overhaul cloud mining before the next block halving.
Bitcoin Minetrix (BTCMTX) has raised $2.4 million and has one day left before prices rise, causing traders to feel FOMO and rush to get positioned.
SEC Seek $770 Million to Close Case Against Ripple
Significant progress has been made in the legal battle between the United States SEC and Ripple Labs.
The case is officially entering its penalty phase, and the SEC is seeking up to $770 million from Ripple in fines.
It appears that the SEC is embarrassed and is requesting a hefty settlement to close the case.
Unfortunately, the penalty phase is described by lawyers as a second court case, with additional depositions, production of documents, and interrogations.
As a result, experts believe the case could drag on until summer 2024, considering the SEC is asking for a huge fine.
Nevertheless, XRP traders are taking the progress with bullish optimism as it finally breaks the September resistance.
XRP Price Analysis: Traders Turn Bullish Above
XRP surged by 14% over the past fortnight, allowing the cryptocurrency to bounce from
$0.47 to break resistance at $0.55 and reach as high as $0.586 earlier in the week.
The cryptocurrency had been trapped in a range between $0.55 and $0.47 since the start of September, and the recent breakout is turning traders bullish:
Looking ahead, the first resistance beyond $0.55 lies at $0.621. This is followed by $0.65, $0.7 (bearish .618 Fib), $0.75, and $0.8 (bearish .786 Fib).
On the other side, support lies at $0.55, $0.5, $0.47, and $0.45.
What Tokens Do Traders Think Can Also Pump?
While XRP turns bullish, traders are turning their attention to newly emerging projects that they believe can also pump next.
In particular, Bitcoin Minetrix (BTCMTX) continues to make waves in the market as the stake-to-mine ecosystem raises $2.4 million.
With just one day before the next price hike, traders feel the FOMO as they rush to get positioned at a discounted level.
Investors Rush to Stake-2-Mine Ecosystem – Raising $2.4 Million.
With Bitcoin continuing to set fresh 2023 highs, the bullish sentiment is back in the market, helping mining ecosystems like Bitcoin Minetrix (BTCMTX) gain popularity.
Bitcoin Minetrix has raised over $2.4 million in just under a month, demonstrating the building hype and demand from traders for the project.
The key driving force behind the growth is its unique utility of allowing BTCMTX holders to stake their tokens and gain access to a mining ecosystem.
As a result, stakers earn double rewards from staking and mining simultaneously.
Those staking their tokens are currently earning a whopping 240% APY;
Essentially, Bitcoin Minetrix helps everyday individuals start mining Bitcoin.
Users staking BTCMTX earn Mining Credits, which can be burnt in exchange for time on the cloud mining platform.
The tokenization of the entire process ensures complete transparency for miners, helping remove the prevalent scams in the sector that leave miners short on expected earnings.
Furthermore, as BTCMTX can be unstaked and sold at any time, investors have complete flexibility and are in control of their funds along every step of the ecosystem.
Given its impressive growth in just under a month, early backers are championing Bitcoin Minetrix as a disruptive technology in the Bitcoin mining community.
With the Bitcoin block halving approaching, Bitcoin Minetrix is positioning itself as the only decentralized cloud mining solution, setting its investors up for long-term growth.
Currently, BTCMTX can be bought for a discounted price of $0.0112.
However, with its multi-tier pricing strategy, these discounted prices are only available for another 24 hours.
The FOMO is officially kicking in, which is why the project has already raised $2.4 million.
Over 3,300 people have joined the Bitcoin Minetrix Telegram channel, and the project’s X account has grown to 4,400 followers.
With the presale price still in its first phase, this is your final opportunity to get positioned in this groundbreaking ecosystem at the lowest prices before it explodes in popularity.
Visit the Bitcoin Minetrix Presale
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