Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024
Ripple is set to execute what could be its final XRP sale of the year, following a significant token unlock in December. On Sunday, the company allocated 200 million XRP from the 1 billion tokens unlocked this month, signaling readiness for a substantial sell-off. Ripple’s December Allocation Explained The 1 billion XRP unlocked this month was divided among three escrows from two Ripple-controlled accounts. Ripple (24) released 200 million and 300 million XRP, moving the smaller portion to Ripple (1), its treasury account. The 300 million tokens were locked back into an escrow set to mature in 2028. Separately, Ripple (25) unlocked 500 million XRP and relocked the entire amount under another escrow, Ripple (13). These activities continue Ripple’s practice of managing token circulation through controlled releases. How Much XRP Will Ripple Sell in December 2024? The 200 million XRP reserved in Ripple (1), valued at $528 million, has been identified for potential sale. While the token count is not Ripple’s largest, this sale would represent its highest USD value to date. Read Also: SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community In comparison, November’s XRP sell-off involved 470 million tokens, averaging $0.55 each and totaling $258 million. Ripple’s year-to-date token sales exceed 3 billion XRP, yielding significant profits in 2024. Notably, only four months this year saw sales of 200 million XRP, with additional tokens sold in other months. Ripple’s sales are typically executed through its On-Demand Liquidity (ODL) model, which involves selling tokens at market price to willing customers. While the model supports demand-driven transactions, it also impacts market liquidity by absorbing much of the buying pressure on exchanges. Impact on XRP Investors and Circulating Supply XRP holders are advised to monitor Ripple’s accounts for signs of token unlocks and sales. Each unlock increases XRP’s circulating supply, creating potential dilution unless matched by proportional market demand. As Ripple concludes 2024, the company’s sales strategy and its implications for XRP’s market dynamics will continue to draw attention from the crypto community.
XRP Sees Massive Growth After Forbes Criticized It as “Zombie” Token
XRP has witnessed a remarkable fivefold increase in market value since Forbes branded it a “zombie” and “good-for-nothing” token in a scathing report eight months ago. This growth has taken place after Forbes published an article dismissing the relevance of XRP and Ripple in the broader financial space. At the time of the report’s release in March, XRP’s market value was considerably lower, but it has since surged by over 400%. Forbes Criticized Ripple and XRP, Labeling Them “Zombie Projects” Forbes’ article focused on the challenges faced by cryptocurrency projects, particularly those with billion-dollar valuations like XRP. The publication questioned the future of XRP and Ripple, noting their limited progress in comparison to Bitcoin’s resurgence. Forbes highlighted Ripple’s original aim to create a transformative global financial standard for banks, but suggested that, a decade later, little progress had been made, with only limited pilot programs operating with central banks. The article also claimed Ripple’s leadership had created 100 billion XRP tokens, selling $1.4 billion to fund its plans. Despite Forbes’ harsh critique, XRP continued to hold a market capitalization of $36 billion at the time, making it the sixth most valuable cryptocurrency. However, Forbes downplayed the real-world utility of XRP, suggesting that its high trading volume was more a result of speculation than actual use. Forbes went further, categorizing XRP alongside other blockchain projects as “functional zombies” and dismissing their worth. Despite these strong negative assertions, Forbes’ attempts to draw attention away from these cryptocurrencies appeared to have the opposite effect, as investor interest only grew. Read Also: Shibarium Unveils Burn Contract in Latest Blockchain Upgrade XRP’s Price Soars Following Forbes’ Negative Report When Forbes published the article, XRP’s price was approximately $0.60, with a market cap of $36 billion. However, the price quickly fell by 37% in the months following the release. Yet, in a surprising turn, XRP has bounced back dramatically. Over the past few months, the cryptocurrency’s market cap has increased by over $120 billion. XRP’s price has soared to $2.86, marking a 450% increase in just 30 days. This rise in price has mirrored the success of 19 other tokens also criticized in Forbes’ report, all of which have seen significant gains. This has led to widespread criticism of Forbes, with many pointing out that its negative coverage did not impede the progress of these cryptocurrencies. XRP Defies Critics, Demonstrating Resilience and Growth The market’s rapid shift has drawn attention to the resilience of XRP, which has proven its critics wrong. XRP’s price has nearly increased ninefold since it was labeled a “giant con” by Jim Cramer in January of the previous year. As the market continues to grow, XRP’s impressive comeback serves as a testament to the cryptocurrency’s strength, despite negative narratives from the media and financial commentators.
Trump, SEC, and XRP”: New SEC Chair Announcement Expected Soon
Anticipation is building in cryptocurrency as reports suggest U.S. President-elect Donald Trump may announce his pick for the new SEC Chair soon. The announcement, which could occur tomorrow, is expected to follow Gary Gensler’s resignation as Chair of the U.S. Securities and Exchange Commission (SEC). According to journalist Eleanor Terrett, the timing of Gensler’s resignation aligns with Trump’s return to office. Gensler’s tenure has been criticized for strict enforcement against the crypto industry, which many claim hindered innovation. The SEC’s prolonged lawsuit against Ripple, which impacted XRP’s market stability, has been a focal point of this criticism. As speculation grows about Gensler’s successor, XRP has reached its highest value since 2018, reflecting renewed investor confidence. Potential Successors to Lead the SEC Under Trump Several candidates are being considered to replace Gensler as SEC Chair. Among the frontrunners is Christopher Giancarlo, a former CFTC Chair and strong blockchain advocate. Often called “CryptoDad,” Giancarlo is seen as a pro-crypto choice who may foster innovation. Brian Brooks, the former Acting Comptroller of the Currency, is another candidate noted for his progressive views on digital assets. Others on the shortlist include Daniel Gallagher, Robinhood’s Chief Legal Counsel; Brad Bondi, a prominent legal expert at Paul Hastings; Paul Atkins, a regulatory strategist; and Bob Stebbins, a former SEC General Counsel. Read Also: XRP Predicted to Double Its All-Time High Price Bondi has received significant support from crypto attorney John Deaton, while Ripple’s Chief Legal Officer, Stuart Alderoty, has voiced concerns about Stebbins. The crypto community is closely following the selection process, and it is optimistic about a more balanced regulatory approach. Crypto Industry and Market Reactions The potential for a crypto-friendly SEC Chair has sparked optimism across the cryptocurrency industry. XRP’s recent price surge indicates that market participants are hopeful for reduced regulatory hurdles and clearer guidance. Critics of Gensler’s leadership have argued that his enforcement-heavy approach to crypto regulation stifled market growth and innovation. The possibility of appointing a Chair who supports blockchain development is seen as a major opportunity to revitalize the industry. Speculation also surrounds rumours of Ripple CEO Brad Garlinghouse meeting with Trump. This could signal positive developments for Ripple and XRP under the new administration. XRP Community Awaits a Turning Point The announcement of a new SEC Chair, especially one with a crypto-positive outlook, is expected to significantly impact XRP and the broader cryptocurrency market. Investors are watching closely as dismissing the SEC’s lawsuit against Ripple could increase XRP’s value. The upcoming decision represents a critical moment for the U.S. crypto regulatory landscape. Under Trump’s leadership, selecting the right SEC Chair may pave the way for innovation and growth in the digital asset space.
XRP Predicted to Double Its All-Time High Price
XRP has continued to attract significant attention in the cryptocurrency market due to its record-breaking gains and rising institutional interest. In November 2024, XRP achieved a return of 297%, marking its highest performance since 2017. Analysts have projected ambitious price targets for the token, suggesting sustained confidence in its future growth. Recent institutional moves, such as WisdomTree’s filing for a spot XRP exchange-traded fund (ETF), have bolstered XRP’s momentum. This highlights a growing demand for regulated investment products tied to XRP. The expanding interest from institutional investors reflects an evolving market landscape, indicating potential opportunities for further growth. XRP Achieves Historic November Gains XRP recorded a monumental 297% monthly return in November 2024, setting a seven-year high at $1.95. This breakout above its 2021 peak has reinforced its bullish trend. Over the past 24 hours, a 14% surge has added to XRP’s gains, increasing market speculation. Analysts believe this momentum could push XRP to unprecedented price levels. Crypto trader Jacob Canfield has identified $6.60 as a potential target for XRP. Using Fibonacci extensions and historical comparisons to Bitcoin’s performance during prior market cycles, Canfield noted:“This price, which is double XRP’s previous all-time high of $3.40, is a logical and likely FOMO target.” Other analysts, such as Tony Edward of the Thinking Crypto podcast, have predicted a target range of $5 to $8 for XRP. Edward has also emphasized the importance of a cautious profit-taking approach. Crypto educator Neel has also highlighted retail interest, noting the growing participation of mainstream audiences in XRP’s recent rally. Read Also: Dogecoin Hits $62 Billion Market Cap: Can the Momentum Last Through December? Whale and Retail Investors Show Confidence in XRP On-chain data has revealed strong accumulation activity among XRP investors. Santiment reports that wallets holding between 1 million and 10 million XRP tokens have acquired 679.1 million XRP—worth approximately $1.6 billion—over the past three weeks. For the first time in the token’s history, the total number of non-empty XRP wallets has surpassed 5.5 million. This indicates heightened interest from both retail investors and large-scale holders, known as whales. Additionally, the XRP futures market has seen a dramatic increase in activity. Open interest (OI) reached a record $3.99 billion as of December 2, 2024, reflecting a 100% rise from November 28. The combination of increased spot accumulation, surging futures activity, and growing trading volumes underscores renewed confidence in XRP’s market potential. XRP’s Path to New Highs XRP’s recent performance has demonstrated strong market momentum and investor confidence. Analysts predict the cryptocurrency’s potential to double its previous all-time high, fueled by growing institutional interest and retail participation. With on-chain metrics and futures activity supporting the bullish trend, XRP appears poised for further growth, making it one to watch in the coming months.
Dogecoin Hits $62 Billion Market Cap: Can the Momentum Last Through December?
A significant surge in Dogecoin’s value has recently been observed, pushing its trading price to approximately $0.44. This marks a sharp recovery from its October lows below $0.10. The rally indicates that Dogecoin is moving firmly into a recovery phase. Technical indicators have played a pivotal role in this bullish sentiment. The 50-day moving average at $0.26 has consistently maintained support, while the 200-day moving average at $0.15 has provided long-term stability. A widening gap between these averages suggests that market momentum could remain positive. The Relative Strength Index (RSI) has been measured at 62, signalling a cooldown from November’s highs but leaving room for upward movement. Resistance is noted at $0.50, while support lies at $0.40 and $0.35, offering key levels to monitor for possible consolidation or breakouts. source:coinmarketcap Dogecoin’s Network Activity Supports Growth On-chain metrics have shown that Dogecoin’s network activity is experiencing strong growth. In November, transaction volumes peaked above $10 billion daily before stabilizing at $2.44 billion in early December. These figures indicate sustained trading interest and a healthy network. Read Also: Ripple’s Top Lawyer Criticizes SEC for Cryptocurrency Market Suppression Market Projections for Dogecoin in December If Dogecoin breaks the $0.50 resistance level, it could climb to $0.60 or higher by mid-December. The rising market capitalization and increased network activity may attract further retail investment, creating additional momentum. However, failure to hold the $0.40 support level could lead to a decline toward $0.35. A decrease in transaction volumes and active addresses could heighten this risk. Additionally, profit-taking by major holders, often called “whales,” might increase market volatility. Broader cryptocurrency market trends, particularly Bitcoin’s performance, are also expected to play a key role in shaping Dogecoin’s trajectory. Dogecin’s Path Forward Dogecoin’s recent performance highlights its strengths and potential vulnerabilities. As its market cap hovers around $62 billion, the next few weeks will prove critical in determining whether its momentum can be sustained. Staying informed about market dynamics and network activity will be essential for investors looking to navigate Dogecoin’s volatile landscape effectively.
Ripple’s Top Lawyer Criticizes SEC for Cryptocurrency Market Suppression
The U.S. Securities and Exchange Commission (SEC) has been accused of artificially suppressing the cryptocurrency market. Ripple’s Chief Legal Officer, Stuart Alderoty, strongly criticised the regulatory body’s actions. Read Also: 24-hour Price Analysis: Terra Classic (LUNC) Holds Ground Above $0.000127 as Buyers Regain Control. Ripple’s Legal Chief Blames SEC for Market Manipulation In a tweet, Alderoty claimed that the SEC has caused significant disruptions to the crypto market. He stated, “The only ‘efforts of others’ that truly moved crypto markets by causing massive and prolonged artificial suppression were those of the SEC.” The SEC’s lawsuit against Ripple, filed in December 2020, was cited as a prime example. The regulatory body accused Ripple of selling XRP without registering it as a security. Ripple Lawsuit and Broader SEC Actions The SEC, under Chair Gary Gensler, has targeted several crypto firms, including Coinbase and Binance. While Bitcoin is classified as a commodity, the SEC argues that most other tokens are unregistered securities. Gensler’s plan to step down in January has contributed to recent optimism in the cryptocurrency market. Tokens previously labelled unregistered securities, such as ADA and SOL, have also increased prices. XRP Sees Record-Breaking Inflows The XRP token has experienced significant growth alongside Alderoty’s remarks. A $100 billion rally propelled XRP to reclaim its spot as the third-largest cryptocurrency briefly. On Monday, XRP surged by 20%, reaching $2.50, a level not seen since January 2018. During this rally, XRP’s market value rose from under $30 billion on November 5 to $139 billion. As of now, XRP is the fourth-largest cryptocurrency, valued at $130.29 billion. Record Inflows and ETF Speculation Boost XRP According to a CoinShares report, recent inflows into XRP totalled $95 million, the highest recorded inflow for the token. Much of this excitement has been fueled by speculation about a potential U.S.-based XRP ETF. WisdomTree recently filed an S-1 with the SEC for an XRP spot ETF. Bitwise, 21Shares, and Canary submitted similar applications. These developments have contributed to the growing buzz around XRP. Ripple’s Stand Against SEC Sparks Optimism Ripple’s ongoing battle with the SEC has brought attention to regulatory challenges in the crypto space. Despite these obstacles, XRP has continued gaining momentum, which is supported by positive sentiment and growing institutional interest.
Cardano (ADA) Bull Run Momentum Sparks Interest in New 100x Altcoin
Optimism surrounding relaxed crypto regulations in the US has benefited Cardano (ADA). This has shifted attention to 1FUEL, an upcoming altcoin still in its presale phase. While ADA and Toncoin remain blue-chip assets, 1FUEL has captured investor interest with its crypto-staking rewards and innovative features. ADA and Toncoin Lead While 1FUEL Gains Momentum Recent price pumps by ADA and Toncoin have encouraged profit-taking by investors. These profits are now being reinvested into low-priced altcoins like 1FUEL. Analysts believe that 1FUEL could surpass Cardano and Toncoin as the next bull run unfolds. ADA Gains as Toncoin Advances in Web3 Gaming Cardano’s price surged by 196% in the past 30 days, benefiting from increased market confidence. Meanwhile, Toncoin gained 30%, partly due to Telegram’s dominance in the Web3 gaming space. With over 950 million monthly users, Telegram has introduced numerous blockchain-based games, further driving Toncoin’s value. Although Toncoin’s growth has slowed, its investors are now exploring 1FUEL for higher returns. This trend reflects the growing excitement around early-stage altcoin projects. Read Also: XRP Ledger to Power Reserve Bank of India’s Digital Rupee Initiative 1FUEL: A Promising Altcoin with 100x Potential As a secure crypto wallet, 1FUEL offers several innovative features designed for the DeFi space. Its potential to grow 100x has attracted both whales and retail investors. Built-in AI tools allow users to optimize portfolios, execute trades, and manage tax reporting efficiently. Through cross-chain compatibility, 1FUEL eliminates the need for multiple wallets across blockchain networks. This streamlines transactions and reduces costs through lower fees. Military-grade cold storage security protects users’ assets from hackers. Additional features, such as crypto debit cards, make spending digital assets seamless, further promoting adoption. 1FUEL also supports peer-to-peer exchanges, enabling users to buy and sell assets directly while maintaining complete control. ADA’s Supply in Profit Raises Questions Following its recent surge, nearly 88% of ADA’s circulating supply is now in profit. While this highlights the asset’s success, it could also increase selling pressure. Investors may reinvest their ADA profits into projects like 1FUEL, which offer greater growth potential. ADA and 1FUEL at the Center of Attention The cryptocurrency market continues to heat up, with ADA and Toncoin leading the way. However, projects like 1FUEL are becoming the focus of attention. With its robust features and potential for explosive growth, 1FUEL could soon dominate the market. As ADA’s success persists, the altcoin’s bull run has sparked renewed enthusiasm across the crypto community. While ADA remains a key player, the emergence of innovative projects like 1FUEL indicates that the next phase of growth may belong to newcomers.
XRP Ledger to Power Reserve Bank of India’s Digital Rupee Initiative
A collaboration has been announced between the Reserve Bank of India (RBI) and Ripple Labs to advance the Digital Rupee initiative. The XRP Ledger (XRPL) by Ripple will be utilized for blockchain technology and cross-border transactions. This is expected to strengthen the regulation and security of India’s Central Bank Digital Currency (CBDC). Digital Rupee’s Journey and Purpose The Digital Rupee was launched by India’s finance minister in February 2020 as a tokenized version of the Indian Rupee. Issued by the RBI, the CBDC was designed for both wholesale and retail use cases. Initially, it has been aimed at financial institutions, with plans to extend its utility to consumer and business transactions. The XRP Ledger’s performance has consistently been recognized for seamlessly integrating with global financial systems. This has positioned it as a valuable partner for the Digital Rupee initiative. XRP Ledger to Streamline Cross-Border Transactions The XRP Ledger is known as a decentralized and public blockchain designed for fast and low-cost transactions. It is maintained by a global community of contributors. Its integration with the Digital Rupee is expected to simplify cross-border transactions, making them faster and more cost-effective. RBI plans to leverage the speed and scalability of the XRPL, which can process up to 1,500 transactions per second. These features ensure the virtual currency can handle diverse financial transactions. Additionally, the robust security measures of XRPL are expected to protect against fraud while maintaining the integrity of transactions. Milestones and Potential of the Digital Rupee XRPL’s compatibility with existing financial systems will allow it to integrate with India’s banking infrastructure seamlessly. The RBI anticipates that this partnership will reduce the time and cost associated with traditional banking methods, making digital transactions more efficient. Read Also: Shiba Inu Lead Disassociates from Shiro Neko Amid Partnership Announcement The enhanced transaction speed and security are expected to boost India’s economic activity. Remote and underserved communities will also benefit from improved financial inclusion. Transparency and regulatory compliance supported by the XRPL will further enhance trust in the system. This initiative will position India’s financial infrastructure at the forefront of the global digital currency landscape. Success of the Digital Rupee Pilots Data from RBI reveals that, as of June 2024, the retail CBDC pilot had over five million Digital Rupee users and 420,000 merchants. By the end of the previous year, the Digital Rupee had achieved a milestone of one million daily transactions. This progress demonstrates the growing adoption and potential of the Digital Rupee in transforming India’s economic landscape through Ripple’s XRP Ledger.
Shiba Inu Lead Disassociates from Shiro Neko Amid Partnership Announcement
Shytoshi Kusama, lead developer of SHIB has issued a statement, distancing himself from Ethereum-based cat-themed memecoin Shiro Neko. This comes amid the announcement of a partnership between Shiba Inu and Shiro Neko. Shiba Inu and Shiro Neko Launch Dual-Staking Initiative The partnership was highlighted on Shiba Inu’s official X handle, which described it as “crypto’s fiercest.” Shiro Neko will introduce a dual-staking initiative after its launch on December 2. SHIB and SHIRO holders will benefit from staking rewards as part of this initiative. SHIB stakers will receive SHIRO rewards, while SHIRO stakers will earn SHIB as incentives. This move is considered a significant advantage for holders of both tokens. Concerns Raised Over Shiro Neko’s Legitimacy The partnership announcement has received mixed reactions from the Shiba Inu community. While many welcomed the collaboration as a way to boost SHIB’s adoption, others raised concerns regarding Shiro Neko’s credibility. A prominent community member, Danoshi, commented sarcastically on the partnership, hinting at scepticism over its authenticity. In response, Kusama clarified that he has no association with Shiro Neko and requested that his name not be linked to the project. Read Also: Shiba Inu Unveils Christmas Giveaway Plans Early Interactions Between Shiro Neko and Shiba Inu Concerns surrounding Shiro Neko were already present within the SHIB community. Last month, Susbarium, a community-driven anti-scam channel, cautioned about Shiro Neko. In October, Shiro Neko burned 5.58 billion SHIB in a single transaction and sought a partnership with Shiba Inu. Following the burn, the Shiro Neko team publicly inquired about forming a friendly relationship with the Shiba Inu ecosystem. Susbarium advised community members to remain vigilant, emphasizing that new projects using SHIB burns as promotional tactics should be cautiously approached. Although Shiro Neko was not directly labelled a scam, a warning was issued to encourage thorough research before investing. Dual-Staking Initiative Fuels Legitimacy Debate Despite earlier warnings, Shiba Inu’s partnership with Shiro Neko for the dual-staking initiative has reignited concerns. Discussions continue within the community about Shiro Neko’s authenticity, underscoring the importance of due diligence in cryptocurrency investments.
Cardano’s Charles Hoskinson Introduces Quantum Hosky: A Game-Changing Metaverse Project
Charles Hoskinson, the creator of Cardano (ADA), has provided an update on his latest groundbreaking initiative, Quantum Hosky. The announcement was shared on X, where Hoskinson addressed over one million followers. Quantum Hosky: A Multichain Metaverse with Advanced AI Features The new project is a multichain open metaverse designed within a four-dimensional space. Interoperability will be central, enabling seamless interactions across multiple blockchain networks. This approach aims to foster inclusivity and reduce the isolated nature often associated with traditional blockchain ecosystems. Read Also: Cardano Enhances User Experience with Lace 1.17.5 Wallet Update Non-Player Characters (NPCs) have been highlighted as a feature of the project. These will incorporate experimental biological computing systems powered by “dishbrain computers” and neural cells. Integrating these advanced technologies could reshape the crypto landscape. Another notable aspect of Quantum Hosky is the use of electroencephalogram (EEG) technology and photonic quantum systems. If applied to gaming, these features could monitor players’ mental states, delivering an immersive and personalized experience. Quantum Hosky: Aiming to Revolutionize Blockchain Innovation Hoskinson’s efforts with Quantum Hosky align with his reputation for pushing the boundaries of blockchain innovation. While some observers consider the project’s scope futuristic, it reflects his track record of ambitious ventures. Previously, Cardano achieved a milestone by deploying its first zero-knowledge (ZK) smart contract on the mainnet. This advancement introduced the potential for ZK applications on Cardano, further demonstrating the blockchain’s innovative capabilities. The Future of Cardano and Quantum Hosky The broader cryptocurrency community has been invited to anticipate how Quantum Hosky will impact the industry. By combining metaverse capabilities, advanced AI interactions, and cutting-edge computing technologies, this project aims to set a new standard in blockchain innovation. Hoskinson’s announcement has reinforced Cardano’s position as a leader in transformative crypto developments, ensuring its continued relevance in the rapidly evolving blockchain space.
