{"id":15638,"date":"2024-12-02T11:44:48","date_gmt":"2024-12-02T08:44:48","guid":{"rendered":"https:\/\/blog.egemoney.com\/?p=15638"},"modified":"2024-12-02T12:07:01","modified_gmt":"2024-12-02T09:07:01","slug":"the-rise-of-xrp-and-the-strength-of-btc","status":"publish","type":"post","link":"https:\/\/blog.egemoney.com\/en\/the-rise-of-xrp-and-the-strength-of-btc\/","title":{"rendered":"The Rise of XRP and the Strength of BTC"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]<strong>Weekly Economic Expectations:<\/strong><\/p>\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Time<\/th>\n<th>Currency<\/th>\n<th>Event<\/th>\n<th>Expectation<\/th>\n<th>Previous Data<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>03.12.2024<\/td>\n<td>10:00<\/td>\n<td>TRY<\/td>\n<td><strong>Turkey Annual Inflation Rate (CPI)<\/strong><\/td>\n<td>46.60%<\/td>\n<td>48.58%<\/td>\n<\/tr>\n<tr>\n<td>03.12.2024<\/td>\n<td>23:00<\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>Speech by<strong> SEC Chair Gary Gensler<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>04.12.2024<\/td>\n<td><\/td>\n<td><strong>XRP<\/strong><\/td>\n<td>Ripple to launch the <strong>RLUSD<\/strong> stablecoin<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>04.12.2024<\/td>\n<td>21:45<\/td>\n<td>USD<\/td>\n<td>Speech by FED Chair <strong>Powell<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>05.12.2024<\/td>\n<td>16:30<\/td>\n<td>USD<\/td>\n<td><strong>Non-Farm Payroll Data<\/strong><\/td>\n<td>202K<\/td>\n<td>12K<\/td>\n<\/tr>\n<tr>\n<td>05.12.2024<\/td>\n<td>16:30<\/td>\n<td>USD<\/td>\n<td>Unemployment Rate<\/td>\n<td>4.2%<\/td>\n<td>4.1%<\/td>\n<\/tr>\n<tr>\n<td>05.12.2024<\/td>\n<td>16:30<\/td>\n<td>USD<\/td>\n<td>Average Hourly Earnings<\/td>\n<td>0.3%<\/td>\n<td>0.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>A New Era for Ethereum and Altcoins<\/strong><\/p>\n<p>Trump&#8217;s presidential inauguration could increase investor risk appetite, paving the way for Ethereum to break the $4,000 barrier. During the same period, the resignation of SEC Chair Gary Gensler is expected to ease regulatory pressures on the cryptocurrency market, enabling more crypto-based ETFs to gain approval.<br \/>\nAccording to analysts, Bitcoin&#8217;s dominance value might decline by January 2025. This could signal a strong rally in the altcoin market, particularly for leading altcoins like Ethereum and XRP. Positive regulatory developments are expected to support this process, creating significant opportunities for altcoin investors.<\/p>\n<p><strong>XRP Becomes the Third Largest Crypto Asset<\/strong><\/p>\n<p><strong>XRP has reached<\/strong> a market capitalization of $141.8 billion, surpassing Tether\u2019s USDT stablecoin, making it the third-largest cryptocurrency globally after Bitcoin and Ethereum. This rise is attributed to developments related to Ripple\u2019s new stablecoin, RLUSD. Reports indicate that the New York Department of Financial Services (NYDFS) is in the process of approving RLUSD, and Ripple plans to launch the stablecoin on December 4.<br \/>\nThe announcement of SEC Chair <strong>Gary Gensler\u2019s resignation in January has also provided positive momentum for XRP.<\/strong> Ripple has been in a legal battle with the SEC since 2020 over allegations of unregistered securities sales worth $1.3 billion. Peter Chung of Presto Research suggests that Gensler\u2019s departure could increase the likelihood of settlement or withdrawal in Ripple\u2019s case.<\/p>\n<p><strong>Interest in Spot XRP ETFs<\/strong><\/p>\n<p>Rising demand for<strong> XRP<\/strong> has brought spot XRP ETF applications into focus. Major asset management firms such as 21Shares, Canary Capital, and Bitwise have filed applications to seize opportunities in this area. The<strong> RLUSD<\/strong> ecosystem, planned to be built on the XRP Ledger, is expected to contribute to <strong>XRP<\/strong>&#8216;s long-term value.<br \/>\nIn light of these developments, <strong>XRP<\/strong> is projected to maintain strong performance, with increasing investor interest.<\/p>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"011476c5-9921-4da3-926b-75968538ae7d\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><span style=\"color: #000000;\"><strong>Bitcoin Mining in Switzerland<br \/>\n<\/strong><\/span><br \/>\n<span style=\"color: #000000;\">The city of Bern, <strong>Switzerland<\/strong>, is launching a feasibility study to explore the contributions of Bitcoin mining to the energy grid and its economic benefits. This decision, approved by a vote of 85 to 46 in the city parliament, aims to enhance the efficient use of renewable energy and direct the region&#8217;s energy surplus toward Bitcoin mining.<\/span><br \/>\n<span style=\"color: #000000;\">The Bern Bitcoin Parliamentary Group considers this development a significant achievement. The study draws inspiration from the Texas model to optimize energy management and economic growth. Bitcoin mining could increase the use of renewable energy in the region, making Bern an attractive hub for mining companies. This initiative exemplifies Switzerland\u2019s innovative approach to cryptocurrency policies.<\/span> <span style=\"color: #993366;\">Although Swiss law does not recognize Bitcoin as legal tender, such projects strengthen the country\u2019s positive stance toward the cryptocurrency sector.<\/span> <span style=\"color: #000000;\">Utilizing energy surpluses represents a critical step toward sustainable economic growth.<\/span><br \/>\n<span style=\"color: #000000;\">While Bern&#8217;s Bitcoin-focused initiatives continue, the city of Lugano also honored <strong>Bitcoin&#8217;s creator, Satoshi Nakamoto<\/strong>, in November with a statue. Displayed at Villa Ciani, the statue symbolizes <strong>Nakamoto<\/strong>&#8216;s contributions to the world of decentralized finance. Tether&#8217;s CEO stated that the statue celebrates Nakamoto&#8217;s impact on the global financial system and his innovative approach. The steps taken by Bern and Lugano highlight Switzerland&#8217;s interest in cryptocurrencies and its efforts to adapt to innovative financial technologies.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>Key Data to Be Released on Friday<\/strong><\/span><br \/>\n<span style=\"color: #000000;\">Markets are focused on the release of the U.S. Non-Farm Payroll (NFP), unemployment rate, and average hourly earnings data this Friday. These three data points could cause significant fluctuations in financial markets. Investors are closely watching how the Fed will react to this data and its impact on risky assets, particularly Bitcoin and other cryptocurrencies.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>BTC:<\/strong><\/span><br \/>\n<span style=\"color: #000000;\">Bitcoin is struggling to surpass the $100,000 mark in spot markets, while it has crossed this threshold in futures markets. Specifically, BTC futures on the Deribit platform have been trading above $100,000.<\/span><br \/>\n<span style=\"color: #000000;\">This situation reflects strong investor expectations for significant Bitcoin gains in the coming months.<\/span><br \/>\n<span style=\"color: #000000;\">If we analyze Bitcoin according to <a style=\"color: #000000;\" href=\"https:\/\/egemoney.com\/en\/analytics\/itb-analysis\/BTC\">ITB insights<\/a>;<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-15639\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2024\/12\/ITB-english.jpg\" alt=\"ITB analyses\" width=\"757\" height=\"653\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2024\/12\/ITB-english.jpg 832w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2024\/12\/ITB-english-768x663.jpg 768w\" sizes=\"auto, (max-width: 757px) 100vw, 757px\" \/><\/p>\n<p><span style=\"color: #000000;\">A slight decline has been observed in the proportion of investors profiting at market prices. <strong>Previously at 98%, the percentage of profitable investors has dropped to 97%.<\/strong> This could be due to fluctuations in Bitcoin prices and the selling pressure in the market. Additionally, this ratio indicates that the market&#8217;s sensitivity to profitability levels persists and that investors are reassessing their positions. According to the data, the analysis highlights<strong> &#8220;3 neutral,&#8221; &#8220;0 bullish,&#8221;<\/strong> and<strong> &#8220;2 bearish&#8221;<\/strong> market signals. This suggests that the market is generally in an uncertain trend, with bearish expectations slightly outweighing others.<\/span><\/p>\n<p><span style=\"color: #000000;\">Furthermore, the trading volume above the $100,000 level has decreased to $191.25 billion. This indicates strong resistance at this price level and a decline in trading activity among large-scale investors. This drop can be explained, particularly by liquidity constraints in futures markets and profit-taking activities.<\/span><\/p>\n<p><span style=\"color: #000000;\">Wishing you a week full of gains, minimal risk, and success! \ud83d\udcca<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_highlighted_text color_type=&#8221;gradient&#8221; highlight_color=&#8221;#7e93cc&#8221; secondary_color=&#8221;#ddb475&#8243; style=&#8221;full_text&#8221; highlight_expansion=&#8221;default&#8221;]<em><strong>&#8220;The investment information and comments included in this research report do not constitute investment advice.&#8221;<\/strong><\/em>[\/nectar_highlighted_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221;&#8230;<\/p>\n","protected":false},"author":10,"featured_media":15637,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,180],"tags":[203,211,232,231],"class_list":{"0":"post-15638","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency-news","8":"category-weekly-newsletter","9":"tag-btc","10":"tag-eth-en","11":"tag-sec-en","12":"tag-xrp"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Rise of XRP and the Strength of BTC | Egemoney Blog<\/title>\n<meta name=\"description\" content=\"A New Era for Ethereum and Altcoins, XRP: The Third Largest Crypto Asset, Interest in Spot XRP ETFs, Bitcoin Mining, Non-Farm Payroll Data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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