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The crypto market has entered bearish territory as Ripple’s ongoing battle against the SEC takes another turn.
This battle has cast a shadow over the future of XRP (XRP), yet holders believe there could finally be light at the end of the tunnel.
Meanwhile, some investors are exploring lesser-known penny cryptos as an alternative to XRP – with TG.Casino (TGC) and Bitcoin Minetrix (BTCMTX) emerging as two of the most talked-about candidates.
Ripple’s Battle with the SEC Causes Price Rollercoaster for XRP
The legal battle between Ripple Labs and the SEC took another turn on October 3, when Judge Analisa Torres rejected the regulator’s motion to appeal its prior loss.
The SEC had attempted to overturn Torres’ July court decision, which stated that Ripple’s XRP token did not meet the legal criteria for a security.
Despite failing to meet its burden of proof for an appeal, the SEC isn’t entirely done with the battle – Judge Torres has scheduled a trial for April 2024 to resolve the remaining issues in the case.
While some legal experts are cautioning against excess optimism, many crypto investors believe this could be a turning point for the market as a whole.
Dan Gambardello, a crypto venture capitalist, tweeted that the decision was a “monumental victory for the entire crypto space.”
However, amid the legal turmoil, Ripple’s CFO Kristina Campbell stepped down from her role and took up a position at virtual healthcare provider Maven Clinic.
Whether this departure is related to Ripple’s legal issues is unclear, yet it adds another layer of complexity to the company’s challenging situation.
Relating this to XRP’s value, the token has retraced all the gains made in the immediate aftermath of Judge Torres’ recent decision.
XRP is trading around the $0.496 level, with the token’s price far from stable, exhibiting wild swings on the 4-hour price chart.
With XRP now below the vital $0.50 psychological level, predicting what’s next for the token is difficult – meaning it’s likely to be an uncertain few months ahead for holders.
Which Penny Cryptos Are Traders Backing Instead of XRP?
As the SEC’s case against Ripple keeps investors on their toes, some traders are opting to diversify into lesser-known cryptos.
Two names attracting attention in this regard are TG.Casino and Bitcoin Minetrix, each making headway during their respective presale phases.
Viral TG.Casino Offers Anonymous Crypto Gambling on Telegram & Raises $700k
TG.Casino (TGC) is an online gambling platform built on the Telegram messenger app, offering a unique combination of anonymity and accessibility.
The platform boasts various gaming options, including table games, sports betting markets, and live dealers, ensuring that users are always entertained.
Since all of these games are accessible through Telegram’s easy-to-use interface, players can enjoy a seamless experience without needing to complete lengthy KYC processes.
TG.Casino’s native currency, TGC, offers various use cases, since it is involved in the platform’s staking and profit-sharing programs.
Regarding the former, TGC holders can pledge their tokens and earn yields of 705% per year.
Additionally, as outlined in TG.Casino’s whitepaper, a portion of the platform’s profits will be used to purchase TGC tokens from the open market and burn them.
This reduces the total supply of TGC and increases their scarcity – with the aim of boosting the token’s value over time.
Adding to the platform’s credibility, TG.Casino is fully licensed by Gaming Curacao and has undergone a comprehensive smart contract audit by Coinsult.
Interested investors can purchase TGC tokens for a fixed price of $0.125 during the ongoing presale, with the development team aiming to raise $1 million in funding.
With over over $700,000 raised already, TG.Casino’s presale is trending to sell out soon – meaning investors may have a limited window of opportunity to get in on the ground floor.
Bitcoin Minetrix Seeks to Disrupt BTC Mining Sector with Groundbreaking Stake-to-Mine Feature
Another penny crypto that’s catching the attention of traders looking for an alternative to XRP is Bitcoin Minetrix (BTCMTX).
This innovative project has designed its business model to support the Bitcoin cloud mining ecosystem – an approach that has helped Bitcoin Minetrix’s presale raise over $890,000 in under three weeks.
During this presale, early investors can buy BTCMTX, Bitcoin Minetrix’s native token, for just $0.011.
However, given there are ten stages in the Bitcoin Minetrix presale, each with a gradually increasing price point, those who invest the earliest are rewarded with the most advantageous prices.
Many early backers believe that getting involved during the presale could prove lucrative, given Bitcoin Minetrix’s unique Stake-to-Mine feature.
This feature allows everyday investors to mine BTC without needing expensive computing hardware or technical know-how.
Not only that, but BTCMTX holders can also stake their tokens to earn yields of 673% per year – meaning the platform offers two distinct ways for investors to generate returns.
The project’s innovative approach has caught the eye of numerous crypto influencers, with YouTuber Crypto Gains speculating that it could “disrupt crypto mining.”
With plans underway for BTCMTX to be listed on numerous exchanges after the presale ends, this penny crypto could be a viable alternative to XRP for traders looking to diversify their portfolios.
https://finbold.com/whats-next-for-ripple-amid-sec-case-as-xrp-price-continues-to-struggle-and-traders-back-alternative-penny-cryptos/
