XRP Price Hits $2 in Epic Bullish Move; 1,003,000,000 SHIB Burned in Single Hour; Raoul Pal Issues Mega-Bullish Bitcoin Statement: Crypto News Digest by U.Today

U.Today - U.Today has summarized the top three important news over the past weekend, take a look!

XRP price hits $2 in epic bullish move

Last Sunday, Dec. 1, marked a remarkable milestone for XRP as, on that day, the price of the Ripple-affiliated token reached $2 for the first time in six years. At the moment of writing, XRP's market cap stands at $138.8 billion, with trading volume hitting $37 billion over the past 24 hours, according to CoinMarketCap data. The XRP ecosystem showcases a fully diluted valuation (FDV) of $243.29 billion, emphasizing its long-term potential. Additionally, speculation surrounding the potential approval of a new stablecoin, RLUSD, by the New York Department of Financial Services has contributed to increased market activity, as Ripple prepares for a possible launch on Dec. 4. When it comes to Ripple's long-lasting legal battle against the SEC, the case is currently in the appeals process; there are hopes for a resolution by 2025, which may further enhance XRP's positioning in the crypto market.

1,003,000,000 SHIB in single hour – What’s happening?

Data provided by Shibburn demonstrates that in just one day, Nov. 29, the SHIB community managed to increase the meme coin's burn rate by 2,050%, with a total of 1,282,587,181 tokens transferred to an unspendable wallet. This significant burn was largely attributed to a single transaction by an anonymous wallet, which disposed of 1,003,266,585 SHIB in just one hour. In terms of transaction size, the other impressive transfers moved 209,312,491; 33,737,678 and 29,282,316 SHIB. In total, there have been 14 transactions to dead-end wallets, including several substantial transfers of additional SHIB tokens. At the moment of writing, SHIB is changing hands at $0.00002926, down 8.85% over the past 24 hours, per CoinMarketCap.

"Strap in": Raoul Pal issues mega-bullish Bitcoin statement

In a recent X post, renowned investor Raoul Pal has made a highly bullish statement regarding Bitcoin, as the flagship crypto is slowly but surely fighting its way to the $100,000 mark. Pal revisited his concept of the "banana zone," which he defines as a period when the price of Bitcoin is likely to record a massive uptick over the long term. He believes that the market is currently operating within this trajectory, indicating a potential parabolic rise in Bitcoin's value. While expressing confidence in Bitcoin's continued growth, Pal also cautions investors about the possibility of "sharp corrections," highlighting the typical volatility associated with the crypto market. Nevertheless, he encourages his followers to "strap in," emphasizing that there is "plenty more to come over time" for Bitcoin.

This article was originally published on U.Today