XRP outperformed bitcoin and other major cryptocurrencies, with dogecoin (DOGE) leading losses over the past 24 hours ahead of Wednesday’s US inflation data.
Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb and Cardano’s ADA fell by 2%. Memecoin DOGE is down 4% even as shiba inu (SHIB) and floki (FLOKI) are up 1%. Broad-based CoinDesk 20 added 0.69%.
The US Bureau of Labor Statistics is due to release the Consumer Price Index (CPI) for November at 8:30 am (13:30 UTC). Federal Reserve Chairman Powell said incoming economic data will have a big impact on interest rate decisions — which could affect crypto markets in the new year. Last month’s data showed inflation remained a concern For Fed.
Meanwhile, XRP rallied 7%, reversing losses since Monday, after Ripple Labs said it had received “final” regulatory approval to offer the RLUSD stablecoin in the US.
stablecoin will be released Both XRP Ledger and Ethereum can be used in decentralized finance (DeFi) applications involving networks and XRP, strengthening the ecosystem.
Ahead of the announcement, deposits from XRP whales to exchanges hit a six-month mark early Tuesday, indicating short-term bearish pressure. CryptoQuant data shows that over 2.66 billion XRP Tokens have been moved to Binance in the past 30 days. This is the largest increase since April 2024.
Martunn, an independent analyst at CryptoQuant, said: “The large flows indicate that large XRP holders are actively moving XRP through the network.” said in the post. “Whale deposits can often signal potential changes in strategy, as these players have significant amounts of assets at their disposal.”
XRP’s big moves against Binance occurred in November 2023 and April 2024 before the price decline.
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