Ripple Soars on Regulatory Optimism while Crypto Market Slips

The cryptocurrency market started the week on a bearish note.

Bitcoin (BTC), the world’s largest cryptocurrency, slipped 1% to $96,200. BTC has been stuck between $90,000 and $100,000 for two weeks, with attempts to breach the elusive six-digit mark consistently faltering.

“Retail Bitcoin investors seem to be selling, likely waiting for the dip that every top influencer keeps predicting. But when the crowd leans one way, BTC often surprises by doing the opposite,” tweeted on-chain crypto analyst Ali Martinez.

Amid the volatility, onchain analyst Lookonchain noted that the U.S. government appears to be shuffling its hoard of Bitcoin, with nearly $2 billion worth moved earlier today.

Ethereum (ETH) and Solana (SOL) mirrored Bitcoin’s dip, falling by 2% and 5%, respectively. The total cryptocurrency market capitalization is now $3.6 trillion.

XRP Surges Amid Regulatory Buzz

While Bitcoin struggles, XRP (XRP) is on an explosive rally.

The payments-focused cryptocurrency surged 40% in the last 24 hours to reach $2.70, bringing its 30-day gains to an eyewatering 425%. XRP has overtaken Tether (USDT) to become the third-largest cryptocurrency by market capitalization at $153 billion.

XRP’s rise is fueled by speculation that the SEC may drop its lawsuit against Ripple Labs under the Trump administration.

Further driving the rally, FOX Business reported that New York’s financial regulator, the NYDFS, is close to approving Ripple’s stablecoin, RLUSD. The product is expected to launch on Dec. 4, cementing Ripple’s position in the regulated stablecoin ecosystem.

However, analysts have raised caution. Open interest in XRP derivatives has spiked 35% in 24 hours, reaching $3.83 billion, according to CoinGlass.

“Open Interest is up 37% already — watch for volatility. The last similar event led to a -17% drawdown,” warned CryptoQuant analyst Maartuun. “Stay sharp, manage risk accordingly.”

Ether ETFs Rally

Investor interest in Ethereum exchange-traded funds (ETFs) has outpaced Bitcoin ETFs, showing a sharp contrast in demand last week.

Between Nov. 25 and 29, spot Bitcoin ETFs recorded outflows totaling $135 million, while spot Ethereum ETFs recorded inflows of $466.5 million during the same period. Notably, Ether ETFs attracted $332 million in a single day on Nov. 29, according to data from Farside Investors.

For November overall, Bitcoin ETFs recorded $6.5 billion in net inflows, compared to $1.1 billion for Ethereum ETFs.

Liquidations Hit $514M

The volatile market conditions triggered massive liquidations across exchanges.

According to data from CoinGlass, over 180,556 traders were liquidated in the past 24 hours, with total liquidations reaching $514 million. Of this, $350 million came from long positions as prices dipped over the weekend.