XRP Gains Legal Advantage as SEC Bid to Appeal Rejected
XRP, the cryptocurrency powering the XRP Ledger, has received a legal victory as District Judge Analisa Torres rejected the US Securities and Exchange Commission’s (SEC) bid to appeal a recent loss in its lawsuit against Ripple Labs. The SEC sued Ripple Labs in 2020 for conducting an unregistered securities offering by issuing $1.3 billion worth of XRP tokens. However, Judge Torres ruled that these sales were not necessarily securities offerings. While the SEC’s lawsuit against Ripple is ongoing, the risk of XRP being labeled as a security with stricter regulations in the US is decreasing, leading to a more positive adoption outlook for the cryptocurrency.
Ripple Expands Global Payments Business and Obtains Singapore License
Ripple’s global payments business expansion is also contributing to XRP’s adoption outlook. On Wednesday, Ripple secured a license to operate in Singapore, further supporting the price of XRP. Currently trading around $0.53, XRP remains above its 200-Day Moving Average. Despite recent legal wins for Ripple, the technical outlook for XRP remains uncertain as it broke its 2023 uptrend in August. While XRP has potential during the upcoming crypto bull market, reaching $1 this year may be challenging.
Alternative Coins to Consider
If you’re interested in alternative coins, here are a few options:
Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is an exciting decentralized Bitcoin mining protocol that has raised close to $500,000 in funds from early investors through its BTCMTX token presale. By staking BTCMTX tokens, investors can earn non-transferable Bitcoin Minetrix mining credits and receive a share of Bitcoin Minetrix’s mining revenues. The protocol operates on the Ethereum blockchain, offering transparency and security.
Meme Kombat (MK)
Meme Kombat combines crypto gaming and gambling, allowing users to bet on battles between characters based on popular meme coins. Early MK investors can benefit from generous staking rewards of over 100% annually. Despite its recent launch, Meme Kombat has already raised close to $300,000.
TG.Casino (TGC)
TG.Casino is a Telegram-based crypto gambling platform aiming to simplify crypto gambling for non-crypto native users. With a presale already raising over $400,000 through the sale of its TGC token, early investors are earning yields of around 1,000%. TG.Casino plans to implement a token buyback scheme to provide passive income and increase the token’s price through token burns.
Hot Take: XRP Gains Legal Advantage and Expands Adoption Outlook
XRP has gained a legal advantage as the SEC’s bid to appeal its lawsuit against Ripple Labs was rejected. This decreases the risk of XRP being classified as a security with stricter regulations. Additionally, Ripple’s expansion in the global payments industry, including obtaining a license to operate in Singapore, further supports XRP’s adoption outlook. However, despite these positive developments, the technical outlook for XRP remains uncertain. While XRP has potential during the upcoming crypto bull market, reaching $1 this year may be challenging.
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