This week, major developments have been making headlines in the crypto world, including the launch of Ripple’s RLUSD stablecoin and XRP breaking the $100 billion market cap threshold. Also, Stellar Lumens (XLM)$XLM
The 58% price increase came after Grayscale filed a 10-K. Binance delisted eight altcoin trading pairs, while MicroStrategy also plans to continue buying Bitcoin. Here are the most important crypto news stories of the week:
Grayscale Filing Raises Stellar Lumens (XLM) Price by 58%
Stellar Lumens (XLM) has gained 58% this week, reaching $0.53, its highest level since 2021. This increase comes after Grayscale Investments filed a 10-K filing for the Stellar Lumens Trust. The filing highlighted a 10% growth in the trust’s net assets over the past year. Grayscale’s statements and the positive market sentiment that the filing has led to have significantly increased the price of XLM. Popular crypto analyst Andrew Griffiths noted that XLM recently broke through a significant horizontal resistance and said he expects a rally to $0.6.
Ripple’s Stablecoin Approval Expected on December 4
Ripple is preparing to launch its RLUSD stablecoin, which is expected to be approved by the New York Department of Financial Services (NYDFS). The stablecoin is scheduled to launch on December 4 and is seen as Ripple’s entry into New York’s regulated digital finance market. The move will put Ripple in direct competition with stablecoin issuers such as Circle and Paxos. Ripple aims to increase accessibility for users by partnering with platforms such as Bitstamp and Moonpay for RLUSD.
Additionally, Ripple’s XRP token surpassed Binance Coin (BNB) in terms of market value, surpassing the $100 billion level for the first time in three years. The value of XRP has increased by more than 230% recently due to the increasing interest of investors.
Binance Delists Eight Altcoin Trading Pairs
Binance has announced that it will remove 8 altcoin trading pairs on December 10. These pairs include GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. The crypto exchange decided to remove these pairs due to low liquidity and performance ratings. Following the announcement, the prices of the affected tokens dropped by up to 30%, reflecting investors’ concerns about the value of these tokens decreasing in the future. Binance advised its users to make their trades before the removal date.
MicroStrategy to Increase Bitcoin Purchases with $3 Billion Fund
MicroStrategy raised $3 billion in convertible bonds issued on November 22. The company plans to increase its Bitcoin purchases with this fund. The company’s CEO Michael Saylor stated that they will continue to purchase Bitcoin. MicroStrategy is the largest institutional Bitcoin holder with 386,700 BTC. The company’s aggressive Bitcoin strategy suggests that it may purchase more in the future.
This week, there have been significant developments in the crypto world, with investors closely following Ripple’s stablecoin approval and the price movements of XLM and XRP.