XRP Becomes the World’s Third Largest Cryptocurrency
XRP has become the world’s third-largest cryptocurrency with a market cap of $141.8 billion, surpassing Tether’s USDT. The price of XRP has surged 30% in the past 24 hours to $2.46, amid speculation about Ripple’s RLUSD stablecoin set to be approved by the NYDFS, and has surged 364% in the past month. The news that SEC Chairman Gary Gensler will soon resign and positive expectations for XRP ETFs are also supporting this rally.
Crypto Tax Postponed Once Again in South Korea
South Korea is planning to postpone the implementation of its 20% crypto profits tax for the third time, and has submitted a new proposal to postpone the tax until 2027. The ruling People’s Power Party and the Democratic Party support the postponement, citing the need for further regulatory improvements. The decision is significant as South Korea is home to major exchanges in the cryptocurrency market, such as Upbit.
Record Inflow in Ethereum ETFs
US-based spot Ethereum ETFs recorded an all-time high of $333 million on Friday, led by BlackRock’s ETHA ($250 million) and Fidelity’s FETH ($79 million). The total value of the ETFs exceeded $11 billion, with a 40% monthly increase in Ethereum’s price. Grayscale remains the largest funder with $5.37 billion, while Ethereum regained its USDT dominance, overtaking Tron.
Boyaa Interactive Converts $49 Million Worth of Ethereum to Bitcoin
Hong Kong-based gaming company Boyaa Interactive has converted 14,200 ETH worth $49 million into approximately 515 Bitcoin, bringing its total Bitcoin holdings to 3,183 BTC. The company said it took the move as part of its strategy to increase its Bitcoin reserves. The move is part of a trend that mirrors increased Bitcoin purchases by MicroStrategy and other companies.
Michael Saylor Presents $5 Trillion Bitcoin Plan to Microsoft
MicroStrategy President Michael Saylor has claimed that by investing $100 billion worth of Bitcoin in Microsoft each year, the company could increase its market value to $4.9 trillion. Saylor stated that Bitcoin is the next big wave of technology and that Microsoft should not miss this opportunity. Bitcoin’s 120% appreciation by 2024 and increasing public support have strengthened this suggestion.
Jupiter Reevaluates $1.6 Billion JUP Airdrop Plan
Solana-based decentralized exchange Jupiter will reconsider its $1.6 billion JUP token airdrop plan. The plan was rejected after failing to get a 70% majority in the initial vote. Jupiter founder Meow announced that they will prepare a new proposal based on the feedback. Following the news, the JUP token rose 4% to $1.15.
Ripple’s RLUSD Stablecoin to Launch on December 4
Ripple’s overcollateralized stablecoin RLUSD is set to launch on Dec. 4, with NYDFS approval. RLUSD will play a key role in Ripple’s cross-border payment solutions by offering a dollar-pegged alternative. Ripple has partnered with major exchanges like Bitstamp and MoonPay to support RLUSD and will secure the stablecoin with reserves that will be regularly audited.
Switzerland Launches Feasibility Study for Bitcoin Mining
Switzerland has approved the launch of a study to examine the feasibility of Bitcoin mining. The study will assess the use of excess energy, its economic benefits, and the stability of energy grids. While Switzerland advocates for self-regulation of the energy market, the initiative reflects efforts to balance energy resources with innovation. Inspired by examples from Texas, the move aligns with digitalization goals.
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BITCOIN (BTC)
BTC is priced at 96,695 with a 0.52% loss in value as of the morning hours. The red resistance zone between 97,350 – 98,000 on the upper part draws attention as an important area that limits the upward movement of the price. The price tested this area but could not pass it. This shows that there is strong selling pressure at this level. The level of 96,234 below is currently working as an important support area. If the price falls below this area, the level of 94,700 may appear as the next important support point. In the current situation, the price is gathering strength in the support area. If the resistance area is broken, the price can be expected to rise above the level of 100,000.
ETHEREUM (ETH)
ETH is priced at $3690 with a 0.45% loss in value as of the morning hours. For ETH, which was rejected from the resistance level of $3725 in the morning hours, exceeding the red zone seen on the chart, namely $3725-3750, will be important for the rise. In the event that the red zone is broken in a possible positive movement, it can support the rise to the levels of 3840, last seen in January 2024. For ETH, which ended its three-day rising series as of today, the $3625 level will be critical in the continuation of the downward movement. If this level is broken, it can support sales up to the levels of 3540.
RIPPLE (XRP)
XRP is priced at $2.4488 with a 6.56% increase in value as of the morning hours. XRP, the star of the week, started the new day by seeing its highest price of all time. It will be important for XRP to break the $2.49 level to continue its positive trend. In a possible negative trend, the support levels are 2.3221 and 2.1409, respectively. If these levels are broken, rapid sales and pullbacks to the strong support zone of 1.9571 – 1.8984 may be seen. For this reason, it is important for investors to carefully monitor the determined critical support and resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $47.64 with a 5.46% gain in value as of the morning hours. In the morning hours, it seems to have tested the critical $48.25 resistance level and received a rejection. It can be expected to test this level again during the day. If the level is broken and candles close above it, 50.45 may work as the next resistance level. In a possible negative movement, $45.84 is the first support, and if this level is broken, it can be expected to receive support from $43.72. It is important for investors to carefully monitor the determined critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $228.52 with a 3.47% increase in value as of the morning hours. SOL, which started the new day negatively, seems to have broken the support zone. If the downward movement continues, it can be expected to test the $221.68 level. If it gets support from these possible levels, it will be important for it to stay above the 229.47 – 233-34 band levels. Then, the $248.13 level can be met as resistance. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.
