Developments in Pi Network, Ripple, and Ethereum
The team behind Pi Network has entered into a strategic agreement with a gaming platform, while Ripple has extended its reach into the Middle East. Concurrently, Ethereum (ETH) has experienced a significant recovery in the past week, leading to optimistic price forecasts.
Pi Network's Gaming Expansion
Earlier this week, the Pi Network Core Team announced a partnership with CiDi Games, a gaming platform focused on building Pi-integrated games accessible to millions of Pioneers. This collaboration aims to enhance the real-world utility of Pi Network's native token, signal Pi's commitment to large-scale gaming initiatives, and create new opportunities for users.
As part of this alliance, Pi Network Ventures, the project's investment arm, has provided backing to CiDi Games, demonstrating confidence in the latter's expertise and long-term strategy.
Pi Network has consistently supported the gaming sector through various initiatives, including hackathons, app incubation programs, and monetization via the Pi Ad Network. The project has also introduced FruityPi, an application that integrates Pi payments, Pi Wallet, and Pi Ads.
The native token of Pi Network has shown strong performance over the last week, and this recent partnership could be a contributing factor. PI is currently trading just below $0.26, marking a 13% increase over the past seven days.
Ripple's Expansion and XRP ETF Developments
Significant news from Ripple's ecosystem includes the launch of several spot XRP ETFs in the United States. In mid-November, Canary Capital became the first U.S. company to announce such a fund, offering 100% exposure to XRP. Following this, investment vehicles from Bitwise, Grayscale, and Franklin Templeton also became available.
Market observers anticipate that 21Shares' ETF will be the next to launch, with its activation expected this week.
The spot exchange-traded funds backed by XRP have garnered substantial investor interest. Data from SoSoValue indicates that cumulative net inflows into these products have exceeded $640 million since the first ETF was introduced a few weeks ago.
In addition to its progress in the ETF market, Ripple has been expanding its global footprint. The company announced that Abu Dhabi's Financial Services Regulatory Authority (FSRA) has recognized its stablecoin, RLUSD, as an accepted fiat-referenced token.
Ethereum's Resurgence and Bullish Outlook
As of this report, Ethereum, the second-largest cryptocurrency, is trading at approximately $3,030, reflecting a 13% increase over the past week. This notable recovery, following a market downturn last Friday, has reignited optimism within the community, with many analysts predicting further short-term gains.
One analyst, Merlijn The Trader, noted that ETH exchange reserves have reached record lows. According to CryptoQuant, the amount of Ethereum held on centralized exchanges has fallen to about 16.8 million, a nine-year low. This trend suggests that a significant number of investors are moving their holdings into self-custody, indicating a reduced intention to sell in the near future.
Another user, Don, suggests that ETH may be poised for a price surge to $4,400, while other analysts have put forth even more optimistic price targets.