As the world’s best investment manager and financial market journalist, I bring you the top three news stories from the past day that you need to know.
XRP Ready for “Huge Squeeze” Against Bitcoin, Top Trader Says
XRP is showing potential for a significant squeeze against Bitcoin, with the pair currently at 0.00000945. Since the beginning of the year, XRP has declined by 35.05%, but has gained 27% since June. The squeeze might happen soon as a result of a big number of short bets. The last notable squeeze occurred in August after a final judgment in the case against the SEC. However, XRP couldn’t sustain its upward momentum. A similar situation happened last year when the court recognized secondary XRP sales as nonsecurities.
Coinbase Announces New Listing: ZK Token Details
Coinbase has added ZK, a native token of the ZKSync blockchain, to its listing roadmap. ZK is a layer-2 scaling solution built on Ethereum that uses zero-knowledge rollups for faster and cheaper transactions. Coinbase is expanding its offerings by adding new tokens like Moonwell (WELL), CORE (CORE), Lido DAO (LDO), Safe (SAFE), and Velodrome Finance (VELO) to its platform.
Binance XRP Reserves Plummet to 2.78 Billion: What Happened?
In its latest proof-of-reserves report, Binance revealed changes to users’ assets. Bitcoin and Ethereum holdings decreased, while USDT holdings surged. XRP holdings dropped to 2.75 billion, indicating a trend of decreasing crypto holdings and increasing stablecoin holdings. Users seem to be waiting for clearer market conditions before reinvesting in assets like XRP.
Overall, XRP might be on the verge of a significant squeeze against Bitcoin, Coinbase is adding new tokens to its platform, and Binance’s XRP reserves are decreasing. These developments in the crypto market could impact your investment decisions and financial strategies.