Top Crypto News This Week: Ripple Stablecoin, Grayscale XLM Trust, FIFA NFT Game, and More

by

As a seasoned analyst with over two decades of experience in the financial markets, I must say that the crypto landscape this week is as exhilarating as ever. The surge in Stellar Lumens (XLM) following Grayscale’s filing is reminiscent of the dot-com boom days, where a single announcement could send shares soaring.

This week’s cryptocurrency schedule is filled with significant happenings and optimistic tales, such as the possibility of Ripple‘s Stablecoin receiving approval, XRP challenging BNB for a $100 billion market cap, a 50% increase in XLM after Grayscale filed for a Stellar Lumens Trust, and FIFA introducing its new NFT game.

Grayscale Filing Boosts Stellar Lumens (XLM) Price by 58%

Stellar Lumens (XLM) surged by 58% this week, reaching $0.53—its highest price since 2021. This sharp increase follows a 10-K filing from Grayscale Investments for its Stellar Lumens Trust. The filing, submitted on November 23, detailed a 10% growth in the trust’s net assets over the last fiscal year.

As an analyst, I’d like to highlight that a 10-K filing, which contains comprehensive financial data and potential risks for publicly-traded companies, played a significant role in stirring optimistic market sentiments towards XLM. This positive outlook seems to have contributed to the robust market reaction we’ve observed with XLM.

Andrew Griffiths, known for his insights on cryptocurrency, stated that Stellar has surpassed and closed above a significant weekly horizontal resistance. Upon retesting this broken structure, it broke the resistance line of a falling wedge pattern in a 4-hour time frame. This suggests a robust bullish trend and imminent upward movement. He anticipates growth up to the 0.6 level.

Ripple Stablecoin Approval Expected by December 4

Ripple is gearing up to introduce its government-regulated digital currency, called RLUSD, once it receives approval from the New York Department of Financial Services (NYDFS). According to BeInCrypto’s report, this stablecoin could make its debut on December 4, signifying Ripple’s entry into New York’s supervised digital finance sector.

This action positions Ripple squarely against stablecoin providers like Circle and Paxos. By partnering with platforms like Bitstamp and Moonpay, Ripple seeks to offer easy-to-use options for those dealing with RLUSD (Ripple’s USD-pegged stablecoin).

Currently, Ripple’s XRP digital token has outpaced Binance Coin (BNB) in terms of market capitalization. This milestone marks the first time XRP has exceeded $100 billion since three years ago. The value of XRP has increased by approximately 230% this month, fueled by increasing investor enthusiasm.

Binance Delists Eight Altcoin Trading Pairs

This week, Binance revealed intentions to eliminate eight cryptocurrency trading pairs on December 10th. These will be GFT/Tether, Iris/Bitcoin, Iris/Tether, Key/Tether, Oax/Bitcoin, Oax/Tether, Ren/Bitcoin, and Ren/Tether. The exchange explained that poor performance during regular assessments and insufficient trading volume led to this decision.

After the announcement, prices for tokens like GFT and OAX plummeted by almost 30%, mirroring investors’ worries about their long-term sustainability. Binance recommends users to make necessary adjustments in their investments prior to the scheduled removal date.

MicroStrategy Eyes Bitcoin Purchases with $3 Billion Funding

Michael Saylor, one of MicroStrategy’s co-founders, implied potential future Bitcoin purchases following the company’s acquisition of $3 billion through private placement of convertible debt on November 22. These financial notes, intended for institutional investors, will be due in 2029 and have a high price of $672 per share as their strike price.

At present, MicroStrategy is the corporate entity with the most Bitcoin holdings, owning approximately 386,700 Bitcoins valued at around $37.5 billion. Michael Saylor’s recent statements hint that the company could persist in its aggressive approach towards Bitcoin acquisition.

FIFA to Launch NFT-Powered Football Game

According to recent reports from BeInCrypto, FIFA is teaming up with Mythical Games to produce FIFA Rivals, a forthcoming mobile soccer game slated for release around mid-2025. In this game, users will have the opportunity to design and control soccer clubs, engaging in live matches against other players.

According to Nate Nesbitt, representative of Mythical Games, FIFA Rivals is created with accessibility in mind, offering a gentle learning process alongside sophisticated elements for dedicated gamers. Furthermore, partnerships established with both the NFL and FIFA may pave the way for future collaborations between web3 game studios and prominent sports titles, as suggested by Nate to BeInCrypto.

In this game, there’ll be a marketplace for Non-Fungible Tokens (NFTs), where players can swap football legends as digital treasures. Mythical Games intends to recreate the triumph of NFL Rivals by incorporating NFTs into FIFA Rivals.

Chirp Introduces DePIN Play-to-Earn Game

On the Sui blockchain, Chirp introduced Kage, a unique blend of gaming and practical application. In this play-to-earn scenario, players can utilize their smartphones to spot surrounding wireless networks, thereby accumulating CHIRP tokens as they engage in these activities.

Kage, being the pioneer, showcases the increasing popularity of play-to-earn (P2E) models that utilize blockchain technology and have practical, real-world applications, through the use of Decentralized Physical Infrastructure Networks (DePIN).

In the end, Bitcoin will capture everyone’s attention as it nears the $100,000 threshold. Despite temporary dips, Bitcoin has persistently held around $97,000. It’ll be exciting to witness Bitcoin surpassing six figures before Christmas. Here are this week’s most significant crypto updates.

Read More

2024-11-30 04:55