XRP Price Slips From Highs as Market Pauses to Reassess Bullish Momentum

Solana and Coinbase’s Ethereum layer-2 blockchain Base have been bridged together using Chainlink’s technology in a move to increase liquidity between the two networks.

Base said on Thursday that it launched a bridge connecting it to Solana secured by Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Coinbase, enabling seamless asset transfers.

The bridge is now live on mainnet for builders to integrate, and rolling out for anyone to use in apps, including Zora, Aerodrome, Virtuals, Flaunch, and Relay.

Users will also be able to trade Solana (SOL) and many Solana-based assets on Base. Base developers can also integrate the bridge to support Solana assets, such as SPL tokens, natively in their apps.

Solana is the second-largest blockchain by value locked, with $9 billion in assets, while Base is the sixth-largest with $4.5 billion in assets, per DefiLlama. Both blockchains are known for their aim to facilitate trading and low fees.

A crosschain interoperability milestone 

The bridge is a technical milestone, as it joins Ethereum Virtual Machine (EVM)-compatible chains with Solana’s non-EVM architecture.

Base is also positioning itself as a hub for multichain activity rather than competing solely within the EVM ecosystem, which could give it an advantage as users increasingly want access to assets across different chains without managing multiple wallets.

Both Base and Solana have been primarily used for memecoin minting and trading due to their high throughput and low transaction costs.

Activity on Solana has been in decline for a year, with active addresses peaking at over 6 million in November 2024 and subsequently falling to their current levels of 2.4 million, according to DefiLlama. 

Base active addresses have also been in decline since peaking in June 2025; however, the blockchain’s transaction count has risen this year, hitting a monthly peak of nearly 407 million in November.

Reports have disclosed that Ripple CEO Brad Garlinghouse told a Binance-hosted panel he expects Bitcoin to reach $180,000 by December 31, 2026.

Bank Moves Could Be The Spark

According to market coverage, Bitcoin tumbled about $5,000 in roughly three hours during early December, wiping more than $200 billion from the broader crypto market and triggering nearly $700 million in liquidations. That sudden drop has been linked to moves in traditional markets, not a single crypto event.

Some analysts point to a change in Japan’s bond market that is pressuring the long-running yen carry trade. Reports say the Bank of Japan’s policy path is now in focus, with a key decision due in mid-December that could move global risk appetite and the yen.

Whales Bought While Prices Fell

On-chain trackers show large investors added to holdings during the drop. According to on-chain data aggregators, accumulator addresses picked up about 375,000 BTC over recent weeks. That figure, if measured the way those firms define “whales,” suggests big players were buying into weakness.

Stablecoins risk accelerating currency substitution in countries with relatively weak monetary frameworks, potentially undermining central banks' control over capital flows, the International Monetary Fund warned Thursday.

In a report titled "Understanding Stablecoins" published Thursday, the IMF cautioned that the rapid rise of dollar-denominated stablecoins — combined with their ease of cross-border use — could push households and businesses to abandon local currencies in favor of dollar stablecoins, especially in high-inflation or low-trust environments.

"Stablecoins may contribute to currency substitution, increase capital flow volatility by circumventing capital controls, and fragment payment systems unless interoperability is ensured," the IMF wrote. 

"These risks could be more pronounced in countries experiencing high inflation, in countries with weaker institutions, or in countries with diminished confidence in the domestic monetary framework," it added.

The concerns, outlined in a separate IMF blog post and the new report, stemmed from an expansion of stablecoin markets. The two largest stablecoins, USDT and USDC, have tripled in size since 2023 to a combined $260 billion, while trading volumes surged to $23 trillion in 2024, the report said. 

Asia now leads all regions in total stablecoin activity, though usage relative to GDP is most pronounced in Africa, the Middle East and Latin America — regions where currency substitution risks are historically elevated.

Meanwhile, the IMF also sees potential for widening financial access. In many developing regions, mobile-based digital services already outpace traditional banking. Stablecoins — if supported by strong regulatory and legal frameworks — could increase competition, lower payment costs and integrate more people into digital financial ecosystems.

Systemic risks

However, the IMF argued that these benefits come with significant macro-financial hazards. Runs on stablecoins remain a central fear: if users lose confidence in redemption rights or if reserve assets decline in value, issuers could be forced into fire sales of their reserve assets and other holdings, roiling broader markets.

The IMF also said that stablecoins' pseudonymous, cross-border nature could weaken capital controls, facilitate illicit finance and erode the quality of macroeconomic data. The global distribution of holders, often unknown due to unhosted wallets, complicates crisis monitoring and policymaking.

Fragmented rules

Regulation is emerging but remains inconsistent. Its comparative review of Japan, the EU, the U.S. and the UK finds differences in who can issue stablecoins, how reserves are held in custody, and how foreign issuers are treated. 

Such gaps may create opportunities for regulatory arbitrage and weaken the overall effectiveness of oversight, the IMF warned.

The IMF noted that stablecoins are "here to stay," but their impact on the global financial system will depend heavily on coordinated international action to prevent fragmentation, volatility and runaway currency substitution.

The U.S. passed the GENIUS stablecoin bill into law over the summer, and federal agencies are charging forward to write the rules. Earlier this week, Rep. Bryan Steil asked regulators testifying for updates on their progress in implementing the new law.

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Bitcoin held just under $92,000 on Friday as traders weighed a heavy mix of labour data, central bank bets and choppy equity markets in Asia, Europe and the US.

Akshat Siddhant, lead quant analyst at Mudrex, said the crypto market continues to display strong resilience.

“Renewed whale accumulation is supporting the trend, as ETH whales have added over 450,000 ETH since mid-November, with BTC whales showing similar activity.”

“Even with the US labour market displaying solid strength, the odds for a rate cut this month stand at 93%, contributing to the buying pressure. A clear move above $96,000 could accelerate BTC’s momentum toward $100,000, opening the path for fresh highs,” he added.Market snapshot

• Bitcoin: $92,387, down 1.2%
• Ether: $3,174, down 1.1%
• XRP: $2.09, down 4.6%
• Total crypto market cap: $3.22 trillion, down 1.3%

Japan’s Weak Spending Figures Drag Regional Equities Lower

In Asia, Japan’s Nikkei 225 fell about 1.5%, wiping out this week’s gains in a session that otherwise stayed subdued. MSCI’s broad index of Asia Pacific shares outside Japan slipped roughly 0.1%, although it remained on track for a modest gain of about 0.5% for the week.

Fresh data from Tokyo showed household spending in Japan fell at the fastest pace in nearly two years in October as inflation squeezed budgets. The yield on 10-year Japanese government bonds touched 1.94% early in the session, the highest since mid-2007, and was set for a rise of about 13.5 basis points for the week.

Recent auctions drew solid demand, suggesting investors are taking advantage of cheaper bond prices.

Chinese markets painted a mixed picture. The Shanghai Composite hovered near 3,875, down 0.02%, while the SZSE Component in Shenzhen added about 0.17%.

The China A50 index slipped 0.17%, DJ Shanghai edged up 0.12% and Hong Kong’s Hang Seng lost about 0.40%.Europe Finds Support While US Traders Weigh Conflicting Data

Across Europe, futures pointed to a slightly firmer tone. DAX futures traded near 23,880, up about 0.79%, FTSE 100 futures gained 0.19%, CAC 40 futures rose 0.43% and Euro Stoxx 50 futures added roughly 0.41%.

US stock futures were mixed after Wall Street cash indices finished Thursday close to flat. Dow futures hovered around 47,850, down 0.07%, while S&P 500 futures inched up 0.11% and Nasdaq futures rose 0.22%.

Traders continued to chew over a series of US data releases. A Labor Department report showed initial jobless claims dropped to their lowest level in more than three years, although analysts said the Thanksgiving holiday may have distorted the figures.

A separate estimate from the Chicago Fed suggested the unemployment rate held near 4.4% in November.Factory Orders Lag Forecasts As Traders Brace For Key Fed Decision

A delayed report from the Commerce Department showed factory orders rose 0.2%, missing expectations for a 0.5% increase, after an upward move in August was revised down to 1.3% as tariffs weighed on manufacturers.

The closely watched non-farm payrolls report will not arrive on Friday, with the November figures scheduled for after the Federal Reserve’s December meeting because of an extended government shutdown. Investors have turned to secondary indicators, even as the backlog of official data clears only slowly.

Fed funds futures now imply nearly a 90% chance of a 25-basis point rate cut next Wednesday, up sharply from pricing a month ago, and analysts describe the gathering as one of the most finely balanced meetings in years, with several policymakers having spoken publicly against further easing.

Ethereum price started a fresh increase above $3,200. ETH is now consolidating gains and might aim for more gains above $3,250.

• Ethereum started a fresh increase above the $3,050 and $3,120 levels.
• The price is trading above $3,120 and the 100-hourly Simple Moving Average.
• There is a short-term contracting triangle forming with support at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above the $3,240 zone.

Ethereum Price Eyes Another Upside Break

Ethereum price managed to stay above $2,920 and started a fresh increase, like Bitcoin. ETH price gained strength for a move above the $3,000 and $3,050 resistance levels.

The bulls even pumped the price above $3,150. However, the bulls struggled to clear $3,240 and $3,250. A high was formed at $3,239 and the price recently corrected some gains. There was a spike below the 23.6% Fib retracement level of the recent move from the $2,718 swing low to the $3,239 low.

Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. There is also a short-term contracting triangle forming with support at $3,130 on the hourly chart of ETH/USD.

If there is another upward move, the price could face resistance near the $3,200 level. The next key resistance is near the $3,240 level. The first major resistance is near the $3,250 level. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $3,240 resistance, it could start a fresh decline. Initial support on the downside is near the $3,120 level. The first major support sits near the $3,050 zone.

A clear move below the $3,050 support might push the price toward the $3,000 support. Any more losses might send the price toward the $2,980 region and the 50% Fib retracement level of the recent move from the $2,718 swing low to the $3,239 low in the near term. The next key support sits at $2,850 and $2,840.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,130

Major Resistance Level – $3,240

Binance has named co-founder Yi He as co-chief executive, creating a dual leadership with Richard Teng, the regulator-turned-CEO. The appointment shows that Binance is changing how it distributes authority at the top.

Richard Teng, a former regulator who became CEO in 2023, represents the company’s intended image of compliance, while Yi He — CZ Zhao’s longtime partner and current leader of product and strategy — reflects its founder-driven origins.

The move follows Zhao’s pardon by U.S. President Donald Trump, which lifts Zhao’s personal criminal restrictions but leaves Binance’s corporate settlement and global regulatory matters unchanged.

Yi He and Richard Teng, co-CEOs of Binance. Source: LinkedIn

A Split Structure, Not a Split Personality

Based on the professional backgrounds of both executives, the new structure suggests a clear split in responsibilities:

Richard Teng serves as the “External CEO,” tasked specifically with regulatory affairs, corporate governance, and ensuring operational stability. He is chiefly responsible for managing Binance’s interactions with global regulators, representing the company externally.

Yi He serves as the “Internal CEO,” overseeing product development, marketing, user community engagement, and the Web3 ecosystem. She also continues to lead Binance Labs and is focused on internal growth, innovation, and user experience.

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This structure makes official an internal balance that has long existed. Yi He, instrumental in Binance’s growth and product strategy, now receives formal recognition of her influence.

In a letter to the judge during Zhao’s sentencing, He explained their earlier approach and described their mistakes as rooted in a founding team with limited legal experience.

While Zhao himself tried to play down any potential return, the rise of his closest partner to the top job sends a clear signal that Binance is keeping its original product-driven style.

The company is now relying on a plan that depends on keeping two competing priorities in place: its founder’s fast-growth approach and the demands of global compliance. It hopes this structure will allow it to expand well beyond its current size without becoming just another “boring” corporate project.