Morning Crypto Report: Is it Too Late to Buy Shiba Inu (SHIB)? Elon Musk's SpaceX Engages in Unusual Bitcoin Activity, $1 Billion Ripple Stablecoin Gains Momentum in UAE

Summary:
The cryptocurrency market has shown signs of recovery this Thursday after weeks of uncertainty. Shiba Inu (SHIB) is experiencing a resurgence, raising the question of whether it's too late to invest in this meme coin. Meanwhile, SpaceX has resumed transferring Bitcoin, and Ripple's stablecoin is gaining traction in the UAE.

Key Takeaways

Shiba Inu (SHIB) has increased by 9.55% this week, showing potential for a recovery.
The Bollinger Bands suggest significant upside potential if buying momentum continues.
SpaceX has transferred over $105 million in Bitcoin recently, with some coins moving to Coinbase Prime.
Ripple's stablecoin, RLUSD, received approval from Abu Dhabi authorities, enhancing Ripple's footprint in the Middle East.

Morning Crypto Report: Is It Too Late to Buy Shiba Inu (SHIB)? Elon Musk's SpaceX Resumes Strange Bitcoin Activity, $1,000,000,000 Ripple Stablecoin Gains Traction in UAE

Shiba Inu (SHIB) Shows Signs of Life

The cryptocurrency market enters Thursday on a more optimistic note after experiencing volatility over the past few weeks. Several coins are attempting to regain traction as December approaches, with Shiba Inu (SHIB) emerging as a frontrunner within the meme coin category. As of this week, SHIB has risen by 9.55%, as per TradingView, potentially signaling its first green weekly candle in over a month. Meme coins have faced challenges throughout Q4, so even a slight rebound has captured attention.

Analyzing SHIB’s Performance:
The recent market relief has positively impacted SHIB; however, it has been under pressure for weeks. The common question arises with every revival of SHIB: is it still a good time to buy?

Shiba Inu Trading Analysis
Source: TradingView

Utilizing the weekly Bollinger Bands, the midband is positioned approximately 39% above its current price, with the upper band sitting 85% higher. These significant markers are at $0.00001169 and $0.00001561 respectively. Given that SHIB remains well below these levels, there is considerable upside potential if buyers remain active.

The price chart for Shiba Inu indicates a considerable distance above the current pricing. If December brings an expected liquidity surge, SHIB could outperform other coins in the market. However, there's risk involved—meme-based rallies can often lead to traps if market momentum fades. Nevertheless, this week marks a notable indicator that SHIB might be gearing up for action in December, rather than remaining dormant amidst larger cryptocurrencies.

SpaceX and Bitcoin Transfers

In recent news, SpaceX has completed another series of Bitcoin transactions, moving 1,163 BTC valued at around $105.23 million to new addresses. The transactions featured numerous chunks tagged with SpaceX, including 399.999 BTC and 299 BTC among smaller amounts.

The output dispersed these coins across various wallets, with one wallet appearing to be associated with Coinbase Prime. This aligns with SpaceX's activities from the previous season, which involved reinitiating Bitcoin transfers and managing funds between internal wallets, according to Arkham's tracking. Currently, SpaceX's treasury holds 6,095 BTC worth around $558 million.

SpaceX Bitcoin Activity
Source: Arkham

It remains uncertain whether these transfers indicate selling intentions. If these receiving wallets are indeed linked to Coinbase Prime, there might be a higher likelihood of some coins being sold because BTC entering custodial services could eventually find its way onto the market. However, the situation still allows for internal reshuffling without an explicit intent to sell.

Ripple's Growth in the UAE

Ripple is making significant strides as it navigates a regulatory landscape in the Persian Gulf. Abu Dhabi's ADGM has approved the use of Ripple’s stablecoin, RLUSD, for licensed institutional players, paving the way for increased Ripple activity in this crucial financial hub. Along with this approval, on-chain data indicates new minting of RLUSD, as Ripple introduced an additional 10 million RLUSD on the XRP Ledger, boosting its supply.

As per CoinGecko data, RLUSD currently has a market cap of approximately $1.25 to $1.26 billion, firmly placing it within the billion-dollar range. With this market cap, Ripple USD ranks among the top tier of U.S. dollar-pegged stablecoins, surpassing established names such as TUSD, GUSD, and USDD, ranking 84th overall and being the 12th largest USD stablecoin globally.

The stablecoin market is highly concentrated, with USDT and USDC combined controlling roughly $260 billion. The next tier—comprising USDS, USDe, DAI, and PYUSD—represents billions. Although RLUSD is not in this tier yet, it is emerging as a strong contender outside of it, gaining traction more quickly than many expected in the late summer.

Bitcoin Price Analysis

Currently, Bitcoin is trading in the low-$90,000s, following a correction last week that allowed it to hold above a critical support zone. The market remains calmer compared to earlier in the month.

Key Levels to Monitor:

Bitcoin (BTC): Support at $88,000; resistance between $96,000-$100,000.
XRP: Currently at $2.19, with the potential to retest $2.50 if the market conditions improve.
Shiba Inu (SHIB): Priced at $0.00000859, with the Bollinger Bands indicating significant upward potential.

As we turn our focus to December, the anticipated liquidity flow and the prospects of a "Santa rally" will be crucial for traders looking to capitalize on year-end movements in the cryptocurrency market.