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
2024-12-05

U.Today has prepared the top three news stories over the past day.
XRP: From 3.2 billion to 800 million, what's happening?
According to data provided by XRP Scan, yesterday, the volume of XRP payments experienced a dramatic decline from over 31.2 billion transactions to just 900 million. The payment volume chart indicates that the spike in the XRP price above $2 corresponded with peak usage of the token. Then, the price began to show signs of waning momentum as payment volume declined. Accompanying this trend, the number of active accounts has leveled off, suggesting that the recent price rally may have been driven by a limited number of traders rather than widespread adoption. The $2.00 and $2.50 support levels are crucial to monitor. If there is a breakdown below these levels, the sell-off may accelerate. On the plus side, resistance near $3 remains a significant barrier to any new bullish trend.
Here's who's going to replace Gensler as new SEC boss
As reported by the New York Times, former SEC Commissioner Paul Atkins has been officially appointed to lead the agency. Atkins reportedly accepted the job on Monday. The crypto community has reacted quite favorably to the nomination, which is yet to be confirmed by the Senate. Coinbase's top lawyer, Paul Grewal, commented on the matter on X, expressing optimism about Atkins’s leadership and underscoring the need for a new direction. Support for Atkins is echoed by industry leaders, including Alexander Grieve, VP of Government Affairs for Paradigm, who described the nomination as a "good day" for the crypto industry. SEC Chair Gary Gensler, known for his robust enforcement against the cryptocurrency industry throughout his tenure, is set to depart from the agency next month.
Shiba Inu SHIBUSD begins second phase of its bull cycle
Shiba Inu is taking advantage of a resurgence in the digital currency ecosystem, demonstrating a bullish trend as, after a recent plunge to $0.00002713, the meme token managed to surge above the $0.00003 threshold. Over the past 24 hours, SHIB's value has increased by 4.9%, thus marking the onset of the second phase of its bull run. The token is changing hands at $0.00003179 at the moment of writing, per CoinMarketCap. Although broader metrics for SHIB appear unstable, with a notably negative burn rate, it has managed to sustain its upward momentum by aligning with general market trends. Currently, SHIB sits 65% below its all-time high of $0.00008845, yet it may still capitalize on the prevailing bull market momentum, similar to recent performance by Binance Coin (BNB) and Tron TRXUSD. Despite significant uncertainty on the crypto markets, Shiba Inu has the fundamentals to reach this ambitious price target.