XRP Sees Payments Volume Drop, Here’s Who’s Going to Replace Gensler as New SEC Boss, Shiba Inu Begins Second Phase of Its Bull Cycle: Crypto News Digest by U.Today

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As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I find myself constantly intrigued by the ebb and flow of digital assets. The past 24 hours have been particularly interesting, offering a fascinating blend of optimism and caution.

U.Today has prepared the top three news stories over the past day.

XRP: From 3.2 billion to 800 million, what’s happening?

Based on data from XRP Scan, the number of XRP transactions dropped significantly yesterday, going from over 31.2 billion to 900 million. The graph of payment volume shows that when the price of XRP surpassed $2, there was a peak in the use of the token. Afterward, as the price started to slow down, so did the transaction volume. This pattern suggests that the recent price increase might be due to a small group of traders rather than widespread adoption. The support levels at $2.00 and $2.50 are important to keep an eye on. If the price falls below these levels, the sell-off could intensify. On the other hand, a significant obstacle for any new bullish trend is the resistance near $3.

Here’s who’s going to replace Gensler as new SEC boss

According to The New York Times, Paul Atkins, a former Securities and Exchange Commission (SEC) Commissioner, has been offered and appears to have accepted the position to lead the agency as of Monday. The crypto community has generally responded positively to this nomination, which is still pending Senate confirmation. Notably, Coinbase’s legal head, Paul Grewal, expressed optimism about Atkins’s leadership on platform X, emphasizing the need for a fresh perspective. This support for Atkins is also shared by other industry leaders, such as Alexander Grieve, VP of Government Affairs for Paradigm, who considers the nomination a promising day for the cryptocurrency sector. SEC Chair Gary Gensler, known for his aggressive enforcement against the cryptocurrency industry during his term, plans to leave the agency next month.

Shiba Inu (SHIB) begins second phase of its bull cycle

The Shiba Inu token is experiencing a rise in value following a surge past $0.00003, which comes after a dip to $0.00002713. This upward trend has resulted from an increase of 4.9% over the last 24 hours, indicating the start of the second phase of its bull run. At this moment, Shiba Inu is being traded at approximately $0.00003179 according to CoinMarketCap. Although some statistics for SHIB seem unstable and show a negative burn rate, it’s managing to maintain its upward trajectory by aligning with overall market trends. Presently, Shiba Inu is currently 65% below its all-time high of $0.00008845, but it has the potential to benefit from the ongoing bull market momentum, much like Binance Coin (BNB) and Tron (TRX) have recently done. Despite volatile conditions in the crypto markets, Shiba Inu possesses the foundations to reach its ambitious price target.

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2024-12-05 18:59