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XRP Sustains Rally, SHIB & BTC Spark Market Buzz

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The dynamic world of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Ripple’s XRP sustained a price rally, nearing $2 against the backdrop of legal maneuvers in favor of the American blockchain payments company. Simultaneously, Shiba Inu (SHIB) saw bullish dynamics fueling market optimism surrounding the meme coin. On the other hand, Bitcoin (BTC) continued to consolidate near its ATH this week, sparking market discussions.

Here’s a brief report on some of the most buzz-worthy cryptocurrency market updates reported by CoinGape Media over the past week.

Notably, the Ripple-backed crypto saw a highly bullish week, extending weekly gains to 30% and resting near $1.90. This rising trajectory has sparked noteworthy optimism, which is in line with recent legal developments regarding the blockchain payments company.

Primarily, the lawsuit against the U.S. SEC could end under the “new SEC,” CoinGape Media reported. This optimistic anticipation comes against the backdrop of SEC Chair Gary Gensler announcing his exit and pro-crypto Donald Trump securing a win in the U.S. elections. Moreover, pro-XRP attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan also revealed that the appeals are likely to get dismissed, hinting that the lawsuit against the U.S. SEC could drop soon. Overall, as the much-awaited conclusion for the lawsuit comes, market sentiments surrounding the Ripple-backed asset have turned highly bullish.

Intriguingly, amid these optimistic events, the coin also overtook BNB in terms of market cap, marking a monumental stride. Simultaneously, the asset’s futures OI topped $2.5 billion this week, echoing investor optimism.

Further, with Ripple eyeing RLUSD stablecoin launch ahead with indications that New York’s top financial regulator, the Department of Financial Services (NYDFS), is poised to approve the product, market sentiments remain bullish on future movements.

Shiba Inu (SHIB) Steals Spotlight

Simultaneously, Shiba Inu has gained significant traction this week, witnessing remarkable burns and ecosystem developments. CoinGape Media reported the SHIB burn rate to have soared remarkably over the past seven days, sparking optimism surrounding the coin’s future price movements. Simultaneously, even the coin’s layer 2 network, Shibarium, saw a maintenance upgrade, enhancing functionality.

While these events significantly bolstered prices, it’s also noteworthy that Shiba Inu whale holdings were reported to be on the rise. This stat has underscored heightened market interest in the asset amid a bullish Q4. In turn, crypto market enthusiasts are extensively eyeing the token for further gains in light of the abovementioned optimistic stats.

BTC Consolidates Near ATH

Meanwhile, the flagship crypto has faced some market turbulence near its ATH, resting above the $95K level as the week closes. Notably, Robert Kiyosaki warns amid this turbulent movement that Bitcoin could surpass $100K soon, making it harder for the middle class to invest, urging FOMO for early investors. This statement sparked noteworthy optimism for the cryptocurrency, while other bullish events also unfolded across the broader market.

Vancouver Mayor Ken Sim proposed Bitcoin as a reserve asset this week, underscoring the asset’s market potential. Additionally, a stockpile of bullish on-chain metrics weighing in has added to intrigue on the asset’s future movements. A recent Bitcoin price analysis by CoinGape media indicated that the coin eyes further gains, mirroring historical trends and increased market interest.

Overall, the abovementioned cryptocurrency market headlines have significantly impacted investor sentiments globally.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pepe Coin Whales Continue To Accumulate Signaling 7x Gains For PEPE Looms

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1 hour ago

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December 4, 2024

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Pepe Coin whales’ constant accumulation of the frog-themed meme token amid a bull cycle has birthed an optimistic wave among investors globally. On Wednesday, on-chain data indicated that a whale continued bagging the meme token, accumulating a total of 337.09 billion PEPE to date. Simultaneously, with other stats indicating heightened market interest in the asset, a potential 7x pump remains much awaited by market enthusiasts across the crypto landscape.

Pepe Coin Whale Accumulation Upbeat, Crypto Market Bullish

As per data by Lookonchain, Pepe Coin whales continue to accumulate the frog-themed meme token, indicating increased market interest. Notably, the wallet address 0x160…b5B bought 337.09 billion PEPE, worth $6.92 million, from Binance over the past 20 days. This massive accumulation, in turn, set off optimistic waves for the token, flagging heightened buying pressure.

Simultaneously, Etherscan data showcased a gradual rise in the asset’s holders at the time of reporting. Per the data, nearly 334,000 addresses held Pepe Coin, sparking optimism amid a bullish Q4 crypto market.

Etherscan data on Pepe Coin Etherscan data on Pepe Coin

Also, it’s worth mentioning that this one of the top meme coins was recently integrated into custody on Coinbase Prime. This enhanced offering further paves the way for money to inflow into the token, attracting a wide range of investors. Simultaneously, the frog-themed meme crypto’s ongoing bull run reflects market bullishness in the wake of the heightened buying and enhanced offerings.

PEPE Price To Surge 7x?

At the time of reporting, PEPE price was up nearly 0.5% and traded at $0.00002065. Its intraday low and high were $0.00001908 and $0.00002104, respectively. Further, the weekly and monthly charts for the coin showcased gains worth 12% and 154%, respectively. Altogether, the bullish trajectory, followed by increased buying, has solidified investors’ optimism surrounding further gains for the meme token.

Intriguingly, a recent PEPE price analysis by CoinGape pointed out that the meme coin could further rally 7x, phenomenally extending gains. This bullish analysis also rides the back of rising Pepe Coin whale accumulations, as over 10 trillion tokens were reported to be accumulated.

Overall, the abovementioned stats paint a highly bullish scenario for the frog-themed meme token, indicating more gains possible in light of burgeoning market interest. Market watchers continue to eye the coin, primarily reflecting bullish sentiments over future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BNB Price Skyrockets To New All Time High, Rally To $1000 Near?

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4 hours ago

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December 4, 2024

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Binance Coin (BNB) has surged to a new all-time high, hitting $775, as it gains significant bullish momentum. The cryptocurrency’s rapid price increase follows the breakout of a key technical pattern and the formation of a golden cross, both of which suggest further upside potential.

With increasing investor optimism and a surge in trading activity, analysts are now eyeing a potential rally that could see BNB’s price climb towards $1,000 in the coming weeks.

BNB Price Skyrockets To New ATH

The recent rally in BNB price to an all time high is largely attributed to the breakout of an inverse head and shoulders pattern, a bullish reversal chart formation. This pattern, which typically marks the end of a downtrend, was confirmed when BNB broke above the $680-$700 resistance zone.

This breakout indicates that the bearish trend that had held BNB’s price down has now ended, and the market is shifting toward a bullish sentiment.

ImageImage

The breakout from the inverse head and shoulders pattern has led to a projected price target of $780, with the next key resistance level seen around $800. However, some analysts believe that BNB’s rally could go even further.

Ali from @ali_charts, a crypto analyst, has projected a potential move for BNB to $1,630, should the weekly close remain above $662. This projection has sparked interest among traders, who are closely monitoring BNB price performance to assess if it can maintain the current momentum and reach these higher targets.

Golden Cross Signals Strengthening Uptrend, Rally To $1000?

On the BNB/USD chart, the 50-day simple moving average (SMA) has crossed above the 200-day SMA indicating further positive price momentum and the formation of a golden cross on the chart.. This golden cross means that BNB is expected to keep on rising in the short term and in the long term.

The fact that 50-day SMA is currently trading above the 200-day SMA supports the view that BNB is still in the early stages of a long term bullish trend. Golden crosses have often preceded major price rises and are a way for many traders to take long positions. Consequently, the market has developed increased confidence that BNB will keep on ascending towards $1000 in the near future.

BNB/USD (Source: TradingView)BNB/USD (Source: TradingView)
BNB/USD (Source: TradingView)

If bears take the control, the $680-$700 range which had provided resistance earlier can now be expected to provide support. This level coincides with the neckline of the inverse head and shoulders pattern and thus any pullback towards this zone will most probably be perceived as a buying opportunity.

The first level of resistance for BNB is at $780. If this level is broken the next major resistance is seen at around $800. Such a breakout above $800 can open the doors for more targets including the $1,630 as projected by Ali.

Increased Trading Activity Supports Bullish Momentum

BNB’s price surge is also backed by a sharp increase in derivative data trading volume and open interest. Volume has risen by 125.30%, reaching $4.42 billion, while open interest has increased by 33.78%, now totaling $1.46 billion.

This uptick in volume and open interest is a strong indication that more traders are entering the market, suggesting growing confidence in BNB’s future performance.

Source: CoinglassSource: Coinglass
Source: Coinglass

The rise in open interest signals that traders are taking long positions, expecting the price to continue rising. This growing market engagement further supports the view that BNB could experience further upward movement, potentially pushing the price toward Ali’s ambitious $1,630 target.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Celsius Founder Alex Mashinsky To Plead Guilty To Fraud Charges

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8 hours ago

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December 3, 2024

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Alex Mashinsky, the founder and former CEO of Celsius Network, has agreed to plead guilty to two fraud charges following an indictment filed in July 2023. His defense attorney announced this during a court hearing in a Manhattan federal court. The charges relate to allegations of fraud, conspiracy, and market manipulation concerning Celsius Network’s operations and its proprietary token, Cel. 

This decision follows a legal battle that started earlier in 2023 when Mashinsky was initially charged with seven counts related to the collapse of Celsius.

Celsius Founder Alex Mashinsky Faces Guilty Plea for Fraud and Market Manipulation

In a recent development, Celsius Network founder Alex Mashinsky intends to plead guilty to two counts of fraud after being indicted in 2023. These charges stem from accusations that Mashinsky misled Celsius customers, prompting them to invest in the company’s crypto services under pretenses. Prosecutors claim that Mashinsky artificially inflated the value of the company’s proprietary token, Cel, to mislead investors and customers.

Moreover, Celsius founder is also accused of personally profiting from his actions. Federal prosecutors allege that he reaped approximately $42 million in proceeds from the sale of Cel tokens, further exacerbating the damage caused to investors. 

Earlier this year, Celsius former chief revenue officer, Roni Cohen-Pavon, pleaded guilty to similar charges and agreed to cooperate with prosecutors’ ongoing investigation.

More so, in September 2024, Mashinsky sought the testimony of six former employees to support his defense in his ongoing fraud trial. Mashinsky blamed his team for misleading investors and misrepresenting the company’s financial condition.

Celsius Network’s Bankruptcy and the Fall 

The criminal charges against Celsius founder come after the collapse of Celsius Network in 2022. The company filed for Chapter 11 bankruptcy protection in July 2022, following a rush of withdrawals by customers fearing insolvency. As a result, many customers were unable to access their funds. The bankruptcy was one of the first major events in a series of failures within the crypto lending sector during the 2022 market crash. 

Similarly, this period also saw the collapse of other entities like FTX and Three Arrows Capital. However, in recent reports, after almost two years, the FTX reorganization plan is set to resume in January 2025. The plan will allow creditors to begin receiving payments, though users must create accounts with designated agents to be eligible.

The Celsius Network bankruptcy revealed financial mismanagement and fraud within the company, with customers accusing Mashinsky of misleading them. This financial instability ultimately led to the downfall and the legal charges against its former CEO.

Mashinsky’s legal team is continuing to navigate the fraud charges in preparation for his upcoming court appearances. Although he initially pleaded not guilty to the charges, Mashinsky has now agreed to plead guilty. 

However, despite the Celsius founder guilty plea, at press time, CEL price remained relatively stable. The token, which has faced volatility since the collapse, has rallied by 17% over the past 24 hours. This recent uptick comes after a period of sharp declines, with CEL price dropping over 96% from its all-time high.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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