This week's cryptocurrency schedule is full of major events and positive news, including the possibility of Ripple's stablecoin approval, XRP surpassing BNB with a market cap of $100 billion, Grayscale's Stellar Lumens Trust filing causing XLM to surge 50%, and FIFA's new NFT game.
Additionally, Binance has announced the delisting of 8 altcoin trading pairs from the spot market, and MicroStrategy plans to add Bitcoin to its portfolio. The key cryptocurrency news this week is as follows:
Grayscale Filing Triggers 58% Surge in Stellar Lumens (XLM) Price
Stellar Lumens (XLM) surged 58% this week, reaching $0.53, the highest price since 2021. This spike occurred after Grayscale Investments filed a 10-K for its Stellar Lumens Trust. The document, filed on November 23, detailed that the trust's net assets increased by 10% during the last fiscal year.
The 10-K filing provides detailed financial information and risk factors for the listed company. The positive sentiment around the filing appears to have triggered the strong market reaction for XLM.
"Stellar has recently broken above a key weekly horizontal resistance level and closed. While retesting the broken structure, the price has broken above the resistance line of a descending wedge pattern on the 4-hour frame. This indicates strong upside potential and a high probability of an upcoming move. I expect growth at least up to the 0.6 level." - Popular crypto enthusiast Andrew Griffiths posted on X (formerly Twitter) here.
Ripple Stablecoin Approval Expected by December 4
Ripple is preparing to launch its regulated stablecoin RLUSD, awaiting approval from the New York Department of Financial Services (NYDFS). According to BeInCrypto, the stablecoin is likely to debut on December 4. This would mark Ripple's entry into the regulated digital finance market in New York.
This move puts Ripple in direct competition with stablecoin issuers like Circle and Paxos. Partnerships with platforms like Bitstamp and Moonpay are intended to ensure widespread accessibility for RLUSD users.
Meanwhile, Ripple's XRP token has surpassed BNB in market capitalization. XRP has crossed the $100 billion mark for the first time in 3 years. The value of XRP has increased by over 230% this month, driven by optimistic investor sentiment.
Binance to Delist 8 Altcoin Trading Pairs
Another major cryptocurrency news this week is that Binance has announced plans to delist 8 altcoin trading pairs on December 10. These include GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. The exchange cited periodic performance reviews and low liquidity as reasons for the delisting.
The prices of the affected tokens, including GFT and OAX, have dropped by nearly 30% since the announcement, reflecting investors' concerns about their future viability. Binance has advised users to adjust their holdings before the removal date.
MicroStrategy Focuses on $300 Million in Bitcoin Purchases
MicroStrategy co-founder Michael Saylor has hinted at the possibility of new Bitcoin acquisitions. The company raised $300 million through a convertible bond offering on November 22. The bonds, privately placed with institutional investors, mature in 2029 and have a conversion premium of $672 per share.
Meanwhile, MicroStrategy remains the company with the largest Bitcoin holdings. The company currently holds 386,700 BTC, worth over $37.5 billion. Saylor's comments suggest the company may continue its aggressive Bitcoin strategy.
FIFA to Launch NFT-Based Football Game
According to BeInCrypto, FIFA is collaborating with Mythical Games to develop FIFA Rivals, a mobile football game set to launch in mid-2025. Players will be able to create and manage football clubs, competing in real-time matches.
"FIFA Rivals is designed for high accessibility, with a shallow learning curve and advanced features for hardcore players to explore. The partnerships with the NFL and FIFA will open the door for further collaborations between web3 game studios and major sports titles." - Nate Nesbitt, spokesperson for Mythical Games.
The game will include a Non-Fungible Token (NFT) marketplace, allowing players to trade digital collectibles of football stars. Mythical Games aims to replicate the success of its NFL Rivals title by integrating NFTs into FIFA Rivals.
Chirp Introduces DePIN Play-to-Earn Game
Chirp has launched Kage, a play-to-earn game that combines entertainment and real-world utility, operating on the Sui blockchain. Players can use their smartphones to detect nearby wireless networks and earn CHIRP tokens for their activities.
The first game integrated with DePIN (Decentralized Physical Infrastructure Network), Kage emphasizes the increasing trend of applying blockchain-based P2E models to the real world.
Finally, all eyes will be on BTC. BTC has been maintaining a state close to $100,000. Despite a short correction, BTC has remained around $97,000. It will be interesting to see BTC finally reach a six-digit figure before Christmas. This was the major cryptocurrency news of the week.
