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- Ripple’s IPO dreams on ice
Ripple’s IPO dreams on ice
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Ripple ditches IPO plans as XRP faces market turbulence
Key points:
Ripple confirmed it has no timeline for an IPO, despite record growth, a $500 million investment round, and increasing institutional interest.
XRP traded at $2.21, hovering near key support at $2.00, as long-term holders weighed profit-taking against renewed accumulation signals.
News - Ripple President Monica Long said the company has “no plans or timeline” for an IPO, noting it remains well-capitalized to fund both organic and strategic growth. The blockchain firm recently raised $500 million from major investors including Citadel Securities, Pantera Capital, and Galaxy Digital, valuing Ripple at roughly $40 billion.
Despite these milestones, Ripple’s token XRP has continued to struggle, falling over 9% following its Swell 2025 conference. The event brought industry heavyweights like BlackRock and Nasdaq to the stage, with executives praising Ripple’s infrastructure as ready for “trillions in on-chain capital flows.” However, legal caution soon followed, as experts clarified that the remarks may not reflect official corporate positions.
Market disconnect widens - While the XRP Ledger saw record wallet growth and new institutional testing of Ripple’s RLUSD stablecoin, the asset’s price action has diverged sharply from its fundamentals.
Long-term holders’ unrealized profit levels suggest possible selling pressure, even as $309 million in XRP has been withdrawn from exchanges in the past week, signaling buyer accumulation.
Regulatory shadow lingers - Although Ripple secured clarity for its programmatic XRP sales earlier this year, lingering uncertainty from its broader SEC litigation continues to suppress bullish momentum.
Until markets see full regulatory resolution and stabilization in macro conditions, XRP’s strong network activity may not translate into sustained price recovery.
Ethereum holds the line above $3K as institutional stakers fuel optimism
Key points:
Ethereum’s recent dip to $3K triggered whale accumulation and bullish social sentiment as traders framed it as a “massive bear trap.”
SharpLink’s $100 million annualized staking yield highlighted ETH’s growing edge as a yield-bearing institutional asset.
News - Ether’s (ETH) price held firm above $3,000 after a week of heavy selling, rebounding toward $3,330 as buyers defended key support zones.
On-chain data showed Ethereum’s Spent Output Profit Ratio (SOPR) falling to 0.96, a level that has historically signaled market bottoms, while the token’s exchange balance dropped to a nine-year low of 13.14 million ETH. Network fees also jumped 83% week-over-week, reinforcing demand for blockspace.
Institutional interest intensified as Nasdaq-listed SharpLink revealed it earned 459 ETH ($1.5 million) in staking rewards last week, generating an annualized yield near $100 million from its 859,853 ETH treasury. Analysts and Ethereum co-founder Joseph Lubin hailed the development as proof that productive, yield-based ETH reserves are reshaping corporate balance sheets.
Bulls step in, whales accumulate - Despite a 3.3% drop to $3,331 that broke short-term support, whales purchased 394,682 ETH, worth $1.37 billion, between $3,247 and $3,515. Analysts said this accumulation underscored long-term confidence, even as retail traders remained cautious.
Market data from DefiLlama and Nansen placed Ethereum ahead of competitors, commanding 56% of total DeFi value locked.
Sentiment turns cautiously bullish - Social media analytics platform Santiment recorded 2.7 bullish comments for every bearish one, its highest ratio since July, signaling traders see ETH’s rebound as confirmation of a bottom.
Yet with the broader market’s Crypto Fear & Greed Index still at 24 (Extreme Fear), analysts warn that cooling euphoria may be essential for a sustained rally. For now, ETH remains firmly supported above $3, 000, with eyes on the $3, 480 resistance zone for the next breakout.
Kazakhstan eyes $1B crypto reserve fund backed by seized assets
Key points:
Kazakhstan plans to launch a national crypto reserve worth between $500 million and $1 billion by early 2026, funded partly through seized and repatriated assets.
The reserve will focus on ETFs and crypto-related equities, avoiding direct token exposure to reduce volatility and regulatory risk.
News - Kazakhstan is preparing to establish a sovereign crypto reserve fund valued between $500 million and $1 billion, marking one of the boldest state-level forays into digital assets.
Deputy Chairman Berik Sholpankulov and Central Bank Governor Timur Suleimenov confirmed that the fund’s capital will include assets seized from illicit activities, repatriated wealth held overseas, and portions of the nation’s gold and foreign exchange reserves.
According to officials, the fund, managed jointly by the Astana International Financial Centre and the National Bank’s Investment Corporation, is expected to become operational by early 2026. It will invest in crypto-focused ETFs, blockchain infrastructure firms, and fintech platforms, aligning with President Kassym-Jomart Tokayev’s plan to modernize the economy and reduce oil dependence.
Strategic shift toward regulated crypto exposure - By channeling seized digital assets into regulated investment vehicles, Kazakhstan is mirroring sovereign strategies seen in Singapore and Europe. The approach allows exposure to crypto’s growth while avoiding the custodial and market risks of holding tokens directly.
Officials said the initiative would also draw on proceeds from government-backed mining and digital-asset taxation.
Central Asia’s next crypto powerhouse - The move follows Kazakhstan’s recent Alem Crypto Fund launch in partnership with Binance, its pilot of a USD-pegged stablecoin with Solana and Mastercard, and sweeping crackdowns on illegal exchanges.
Together, these steps reinforce Kazakhstan’s bid to position itself as Central Asia’s digital finance hub, bridging traditional reserves with blockchain-based assets.
Japan’s top banks get green light for joint stablecoin trials
Key points:
Japan’s Financial Services Agency (FSA) has approved a proof-of-concept for yen-denominated stablecoins issued jointly by MUFG, SMBC, and Mizuho.
The initiative, part of the Payment Innovation Project, balances blockchain-based payment innovation with new rules tightening crypto lending and IEO oversight.
News - Japan’s Financial Services Agency confirmed that the country’s three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Financial Group, will begin testing a jointly issued stablecoin. The venture forms part of the FSA’s new Payment Innovation Project (PIP), launched on November 7 to explore regulated blockchain payment systems.
The trial will assess compliance, security, and legal frameworks needed for multi-bank stablecoin issuance. Participating firms, including Mitsubishi Corporation and MUFG’s tokenization arm Progmat, will develop technical infrastructure enabling corporate and inter-bank settlements. According to Nikkei Asia, the banks expect practical deployment by March 2026.
Balancing innovation with oversight - Alongside the pilot, Japan’s regulators proposed stricter rules for crypto lending and initial exchange offerings (IEOs). New measures would extend investor protections under the Financial Instruments and Exchange Act, requiring improved asset segregation, risk disclosures, and advertising standards. Institutional transactions remain exempt.
Japan’s stablecoin push gains global context - The trials follow JPYC Inc.’s launch of a regulated yen-pegged stablecoin in October and reflect Japan’s ambition to modernize payments while remaining cautious about risk.
The FSA said the pilot aims to lower settlement costs for over 300, 000 corporate clients and demonstrate how blockchain can enhance financial infrastructure across East Asia.
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More stories from the crypto ecosystem
Crypto scams uncovered
DOJ seizes $15B in Bitcoin fraud - The U.S. Justice Department confiscated nearly $15 billion in Bitcoin from Cambodia’s Prince Holding Group. Prosecutors say its chairman, Chen Zhi, ran vast “pig butchering” networks and forced labor compounds that targeted U.S. victims.
Europe’s $640M ghost exchange network - Police across the EU busted a crime ring that laundered over $640 million through phony trading platforms. The setup mirrors the “get-rich-quick” Telegram and Instagram scams preying on retail investors worldwide.
Love, lies, and lost Bitcoin - An Indian businessman was duped out of about $113,000 after meeting a scammer on a matrimonial site who lured him into fake crypto trades on WhatsApp. The setup mirrors the romance investment scams now sweeping U.S. dating apps.
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Top 3 coins of the day
Artificial Superintelligence Alliance (FET)
Key points:
At press time, FET was trading at $0.28, marking a 21.5% gain over the last 24 hours.
The price closed above the 9-day SMA for the first time in weeks, while the AO stayed green with rising bars, confirming sustained bullish momentum.
What you should know:
FET held onto strong gains after rebounding from $0.23, backed by a notable rise in trading volume. The Awesome Oscillator remained green for several sessions, signaling steady buying pressure. The 9-day SMA now sits near $0.23, serving as short-term support as momentum builds. Positive sentiment was reinforced by optimism around a potential resolution of Fetch.ai and Ocean Protocol’s $120 million token dispute, which could ease sell-side pressure. Coupled with renewed interest in AI-related assets, these factors have strengthened FET’s short-term recovery narrative despite broader market weakness. FET needs to stay above $0.27 to target the $0.33–$0.35 resistance range.
Filecoin (FIL)
Key points:
At the time of writing, FIL was trading at $2.16 after climbing 14.5% in the past 24 hours.
The Madrid Ribbon began turning green while the RSI held near 65.5, reflecting growing bullish strength amid surging trading volume.
What you should know:
FIL extended its rebound as trading activity spiked and technical signals strengthened. The Madrid Ribbon showed an early bullish crossover, with short-term averages flipping green for the first time in weeks. RSI hovered near 65.5, indicating sustained upward momentum without yet entering overbought territory. Volume surged beyond 75 million, confirming strong participation behind the move. The next resistance sits near $2.39, while $1.85 serves as immediate support within the ribbon zone. Broader optimism around the AI and DePIN narrative and network-level fee cuts has added to the bullish setup, reinforcing FIL’s short-term recovery outlook.
NEAR Protocol (NEAR)
Key points:
At press time, NEAR traded at $2.36, rising 12.8% in the past 24 hours.
The structure shifted bullish as the latest higher low held, while RSI hovered near 54 amid expanding trading volumes.
What you should know:
NEAR continued its rebound after printing a higher low on the daily chart, suggesting the start of a potential trend reversal. The Higher High Lower Low pattern highlighted strengthening momentum as buyers defended the $2.00 base. RSI climbed to 54, leaving room for further upside before overbought levels, while volume growth to 50 million confirmed renewed market participation. The move aligned with renewed optimism around NEAR’s integration with Zcash’s privacy swaps through the Intents protocol, which boosted narrative-driven demand. The next resistance lies near $2.40, with $2.00 acting as immediate support to maintain this bullish structure. Sustained closes above resistance could reinforce confidence in the recovery trend.
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