XRP Rally: SEC Developments and ETF Impact
Ripple’s XRP token has surged by nearly 25% in the past 24 hours, reaching $1.13, its highest level since November 2021, adding $20 billion to its market cap, bringing its total to $65 billion. This rally is supported by the possibility of a resolution to Ripple’s legal battle with the SEC and the expectation of a favorable regulatory environment. On-chain activity has also increased, with significant transfers exceeding $316 million. In addition, XRP ETF filings from 21Shares, Canary Capital, and Bitwise have bolstered investor sentiment, indicating increased institutional interest. Ripple’s Chief Legal Officer emphasized that the SEC’s distraction efforts have diminished and the hard parts of the battle are behind us.
Bitcoin Depot: Revenue Decline and ATM Expansion
Bitcoin ATM operator Bitcoin Depot reported revenue of $135.3 million for the third quarter of 2024, a 25% decrease from the $179.5 million it earned in the third quarter of 2023. Despite the revenue decline, the company exceeded its targets by expanding its Bitcoin ATM network to 8,300 machines and focused on optimizing profitability. The company, which trades on NASDAQ under the ticker BTM, has a market value of $1.99 and a market value of $118.2 million. The company, which has an IPO of $885 million in 2022, operates 16,700 locations in the U.S., Canada, and Australia. Bitcoin Depot remains committed to expanding access to Bitcoin, holding over $1.31 million in cryptocurrencies.
Inflation and Bitcoin Record: Institutional Interest Increases
Inflation in the US rose to 2.6% in October, rising for the first time in eight months of declines and coinciding with Bitcoin’s new high above $93,000. The rise in inflation has led to gains in dollar-denominated assets, such as the S&P 500, which hit record highs after the Federal Reserve cut interest rates in September. Analysts predict that Bitcoin could reach $150,000-$200,000 by 2025, matching VanEck’s $100,000 target for 2024. The correlation between Bitcoin and stocks has been strengthened by institutional investors such as BlackRock buying Bitcoin ETFs, signaling a new era for the market.
Consensys: Linea Association and New Token Plan
Consensys has established the Linea Association, an independent Swiss non-profit organization, to oversee the decentralized development and governance of the Linea zkEVM Layer-2 rollup. The association plans to launch the LINEA token by Q1 2025, which will allow token holders to participate in governance decisions, and aims to offer additional token uses in the future. Since its mainnet launch in August 2023, Linea has attracted over 1.3 million verified addresses and increased its partner network to 420. The association will handle governance, intellectual property, and treasury with the aim of promoting decentralization and developing a transparent web3 ecosystem. Consensys CEO Joseph Lubin described the move as part of its vision to create a decentralized global “Network State.”
Pennsylvania: Strategic Bitcoin Reserve Act
Pennsylvania lawmakers have proposed the Strategic Bitcoin Reserve Act, which would allow the state treasurer to invest in Bitcoin and crypto assets. The bill, sponsored by Republicans Mike Cabell and Aaron Kaufer, aims to diversify the state’s portfolio and is modeled after other states like Wisconsin that have made strategic crypto investments. The state initiative is parallel to the federal Bitcoin Act proposed by Senator Cynthia Lummis, which would encourage public sector involvement in Bitcoin investments. Lummis, a longtime Bitcoin supporter, believes the proposal could pass within the first 100 days of the Trump administration. The move reflects governments’ growing interest in digital assets.
Chainlink: Blockchain and Finance Integration
Chainlink has introduced a framework called Chainlink Runtime Environment (CRE) to enable banks and payment systems to seamlessly connect to blockchain technology. The initiative aims to modernize legacy technologies as part of its efforts to merge blockchain with traditional finance. Last month, Chainlink also announced a partnership with SWIFT to make it easier for banks to connect to blockchain systems. The company, which has launched solutions such as Blockchain Privacy Manager and Cross-Chain Interoperability Protocol (CCIP), aims to create secure and tamper-proof financial records by combining AI and oracle technology. With CRE, Chainlink aims to make it easier for banks to enter the blockchain world.
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BITCOIN (BTC)
BTC is priced at 90,550 with a 0.77% gain as of the morning hours. The price is currently at 90,550.90 and the 91,796.91 level acts as resistance. This level stands out as an important barrier that the price must overcome in the upward movement. In the downward movements, the 86,628.74 level stands out as the first important support area. This level includes a demand area marked in blue and if the price is pulled here, buyer interest can be expected to increase. At lower levels, the 81,846.71 and 80,040.00 levels are other important support points that can be tested in case the price makes a deeper correction. The chart shows that the price is in a short-term consolidation. The resistance at 91,796.91 above and the support at 86,628.74 below are critical areas that can determine the direction of the price movement.
ETHEREUM (ETH)
ETH is priced at $3112 with a 1.15% loss in value as of the morning hours. The price is currently trading at 3,109.48, with 3,175.47 standing out as a close resistance. It is critical that this level be exceeded for the upward movement to continue. In downward movements, there is a demand zone marked in blue around 3,040. This zone stands out as a support area where buyer interest can increase and the price can recover if the price declines. If this demand zone is broken, the next important support is at 2,819.69. This level can serve as a critical support point if the price experiences a deeper correction. At lower levels, there are additional demand zones around 2,760 and 2,700. These zones can be evaluated as points where the price may encounter strong buyer interest if it remains under downward pressure.
RIPPLE (XRP)
XRP is priced at $1.1567 with a 9.60% gain as of the morning hours. The price is currently trading at 1.1492 and is in an upward trend. In upward movements, the 1.2025 level stands out as a significant resistance and draws attention as a critical barrier that must be overcome in order for the price to continue its rise. In downward movements, the demand zone marked in green around 0.9000 stands out as an important area where buyer interest can intensify in case the price falls. Further down, the 0.8398 level can act as support and is evaluated as a level expected to be protected in case the price makes a deeper correction. At a lower level, the 0.7398 level draws attention as a long-term support level.
AVALANCHE (AVAX)
AVAX is priced at $35.37 with a 1.99% gain as of the morning hours. The price is currently trading at 35.39 and is showing a short-term recovery trend. In upward movements, the first resistance level in front of the price is around 36, and if this level is broken, the price is expected to move higher. In downward movements, the 32.95 level stands out as the first support point, and maintaining this level is of critical importance in limiting the decline. Below, there is a demand zone marked in green at 30 levels, and this area stands out as an area where buyer interest can intensify in case the price declines. In addition, there is another demand zone marked in red at 28 levels, and it is considered an area that can provide support in the event of a deeper correction. At lower levels, there are demand zones marked in blue around 26 and in orange around 24, and these areas stand out as areas that can provide strong support in the event of a further decline in the price. At the lowest level, the 21.88 level draws attention as a long-term support.
SOLANA (SOL)
SOL is priced at $207.45 with a 1.07% loss in value as of the morning hours. The price is currently trading at 243.79 and is exhibiting a strong upward movement. At current levels, the price continues to rise by overcoming resistance and is likely to reach higher price levels if this momentum continues. In downward movements, the 215.27 level stands out as the first strong support and maintaining this level is of critical importance for the continuation of the uptrend. Further down, the 205.00 level and the demand zone marked in green just below it are noteworthy as levels where buyer interest may intensify if the price corrects. Below these levels, the 183.38 level is another important support point and if this level is lost, the price is likely to decline to the long-term support at 163.70. 
