Despite the massive success in defending its lawsuit against the SEC, the price of XRP has shown significant weakness recently, and is currently trading at levels seen prior to its partial victory over the SEC.
However, investors are piling into Bitcoin Minetrix ($BTCMTX), a new protocol that allows users to stake $BTCMTX tokens on the Ethereum network for Bitcoin mining. Since its launch just over two weeks ago, the pre-sale has raised more than $1 million.
XRP price surges below $0.5 despite bullish fundamentals
The price of XRP was supposedly suppressed during the recent bull run due to the looming case against the SEC. The project’s backers have often predicted huge returns if it wins the Securities and Exchange Commission.
This appears to be the case following its partial victory in July, where Judge Torres ruled that XRP is not a security. The price of XRP doubled in one day, reaching highs of $0.96. However, this was quickly corrected as the SEC responded and appealed the decision, raising concerns that Ripple Labs’ win would not last.
However, the SEC’s appeal was recently denied, strengthening the ruling that XRP is not a security.
The Bank for International Settlements (BIS) also recently added Ripple Labs to its team to create cross-border payments. This indicates further adoption of XRP as a means of international payments.
Regardless of these issues, the price of XRP has faced significant difficulties, falling by 1.8% in the last day and 8.6% in the past week, and is currently priced at $0.49.
While it is still unclear how XRP will perform in the coming weeks, the poor performance on the back of this bullish news suggests that buyers are exhausted and that further declines may be imminent.
A prominent member of the “XRP Army” community and commentator EGRAG Crypto has indicated the possibility of further downward movement. In a recent trade idea on
However, despite the bullish advance and the potential for a significant long-term upside, XRP activity across the chain paints a slightly different picture.
Market intelligence platform Santiment noted that XRP Ledger is seeing less whale activity From this time last year. However, he also noted that the amount of XRP held by whales is increasing, meaning they can expect prices to rise.
However, while Ripple (XRP) struggles to maintain its price, investment is pouring into a new pre-sale project, Bitcoin Minetrix, which could offer much better upside potential.
Bitcoin platform Minetrix is emerging as an alternative to XRP after raising over $1 million through an ICO
Bitcoin Mintrix It is a new Stake-to-Mine protocol built on the Ethereum blockchain. It allows users to share $BTCMTX token for free Bitcoin cloud mining hours.
The process is simple: stake $BTCMTX, get mining credits, burn mining credits, and get cloud mining power. This innovative concept means that anyone can effortlessly start earning free Bitcoin and contribute to the hashing power of the network.
Furthermore, no new supply of BTCMTX will enter the market through staking rewards as they are paid in mining credits. This greatly enhances supply and demand dynamics and is reinforced by the fact that many BTCMTX tokens will be locked for storage.
Bitcoin Minetrix takes the scarcity model first introduced by Bitcoin and runs with it. This indicates unprecedented upside potential when combined with its unique use case.
Analysts tend to agree with this. For example, Jacob Burry Bitcoin describes Minetrix as the best cryptocurrency you can buy right now. Perry is known for his early picks of high-potential projects, and recently became one of the first to call a Bitcoin alternative BTC20 before pumping 7x after a pre-sale.
However, the benefits of Bitcoin Minetrix go beyond convenience and upside potential. Users do not need to buy and maintain expensive mining equipment or need any technical knowledge. Furthermore, its decentralized and transparent BTCMTX token eliminates many of the security issues prevalent in the cloud mining industry.
Since launching just two weeks ago, the pre-sale is approaching its first milestone of $1.5 million, with a price increase set for five days. However, investors who buy today can lock in a price of just $0.011.
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