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📈 XRP's Great Grand Comeback: Did We Just Teleport Back to 2017-18?

📈 XRP's Great Grand Comeback: Did We Just Teleport Back to 2017-18?

PLUS, you can now pay for your Netflix subscription with USDC

December 02, 2024

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GM! It’s a new week, but it feels like we’ve rewinded back to 2017-18. There’s one asset name at the tip of everyone’s tongue today, and unsurprisingly, it’s XRP. Over the past few hours, here’s what has happened:

XRP has flipped SOL, USDT
It is now the third-largest crypto asset
It has flipped the entire meme coin market capitalization [$132 billion vs. $138 billion]
XRP is currently trading at the brink of $2.5 — the asset has revisited this level for the first time since January 8, 2018, scripting a 6-year (nearly 7-year) high
Wallets with 1 million to 10 million XRP have accumulated 679.1 million tokens (worth $1.66 billion) over the past three weeks
Non-empty XRP wallets have overshadowed 5.5 million for the first time in the asset’s 8+ year history

It’s known that XRP has a lot of influence in the Japanese and Korean markets. These guys have been accumulating for weeks. Mind you, this was around the time BTC’s ATH euphoria was peaking every single day.

XRP’s FDV was hovering around $130 billion at the time. Today, it's trading at a valuation of $242 billion — a whopping $112 billion has been added within a fortnight.

On CEXes like Binance, Coinbase, and Kraken, XRP remains to be the most traded asset.

Source

A bunch of fundamental and regulatory developments have acted as catalysts to push the price of XRP. The current rally does seem like a sign of renewed strength from the macro-perspective, but make sure to manage risks properly.

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Cross-chain AI artist Zerebro and creator Jeffy Yu have been on a tear. Asset prices have pulled back in tandem to the fading AI agent narrative, but ZEREBRO is holding up better than the vast majority.

I think we are close to the point where we switch from distribution to accumulation — see the purple box at the bottom of the range. The asset’s price has held above the VWAP since day 0, but I suspect we will get some stabs below in the coming days. That’s where I’ll be looking to scoop for a return to the top of the range and breakout to new highs.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

Goes without saying that mindshare-wise, XRP is at the numero uno position today, followed by Bitcoin, Ethereum, and Solana.

The launch buzz associated with HYPE, meanwhile, seems to have subsided, with its mindshare down to just 2%.

Source

Cat coins and memes too seem to be losing their lustre. POPCAT sentiment has dropped to the red territory today, with animal coins, in general, taking a backseat.

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One of the many friction points to mass onboarding folks into the crypto arena is the limited ability to use digital assets to pay for in-real-life [IRL] expenses that are incurred on a day-to-day basis. But, with every passing day, new solutions are emerging, trying to bridge that gap.

Subdoor has rolled out a Solana-based platform to allow users make USDC payments for Netflix, Spotify, and X Premium subscriptions.

The privilege-o-meter is characterized by banked people on one end, and the unbanked on the other. Folks from the latter group are the ones who end up adopting crypto much faster, as a forced measure.

You may ask — “What’s the ultimate aim of the Subdoor team?” Well, they’re just looking to make subscriptions more accessible. Using the platform, you can subscribe to any of your favorite services with crypto, even if platforms don't accept it.

Instead of beating the crypto drum and asking merchants to accept crypto, Subdoor provides a crypto solution to folks who are familiar with crypto already. Seems pretty simple to use. Could prove to be revolutionary if it passes the test of time.

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The important bits.

Maia DAO unveils their internal development roadmap
Demex users can now lend their cmETH holdings on Nitron to earn ‘powder’
Magic Eden ties up with CurvedWtf, an NFT bonding-curve platform
Monthly transaction count in the Polkadot ecosystem is hovering around its ATH
Hyperliquid currently commands nearly half of decentralized perp swaps volume

Even more important bits.

Bitcoin L2 network GOAT to allow users stake DOGE to fetch yields
Bitcoin creator debate: Craig Wright’s appeal denied amid controversy over AI errors
70% rally helps XRP flip USDT, Solana to become third largest crypto asset
MicroStrategy acquires another 15,400 BTC for $1.5 billion
WisdomTree files S-1 for its spot XRP ETF

Charts and stats of the day.

If Lido Finance played in the traditional banking league, it’d flex as the 60th largest US bank in terms of deposits.

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Life gets busy so here’s what you’ve missed.

What Is Superseed? The Blockchain That Repays Your Debt

Research

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With Superseed, protocol fees cover your debt, unlocking years of interest-free yield straight to you. No core team siphoning off profits, no DAO fee games — just pure, user-first DeFi.

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