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XRP Outperforms Bitcoin, Dogecoin Extends Slide Ahead of U.S. CPI
XRP whale exchange deposits hit a six-month high early Tuesday, indicating short-term bearish pressure.
Dec 11, 2024, 8:52 a.m.
What to know:
- Bitcoin remained steady at nearly $98,000, while ether (ETH), BNB Chain’s bnb and Cardano’s ADA fell by as much as 2%.
- Fed Chair Powell has previously stated that incoming economic data will heavily influence interest-rate decisions.
- XRP whales' deposits at exchanges hit a six-month high early Tuesday, indicating short-term bearish pressure.
XRP outperformed bitcoin and other major cryptocurrencies, with leading losses in the past 24 hours before the release of U.S. inflation data later Wednesday.
Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb, and Cardano’s ADA fell by as much as 2%. Memecoin DOGE dropped 4%, even as and rose 1%. The broad-based CoinDesk 20 added 0.69%.
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The U.S. Bureau of Labor Statistics is due to release November’s consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economic data will heavily influence interest-rate decisions —which may impact crypto markets in the new year. The previous month’s data showed that inflation remained a concern for the Fed.
XRP, meantime, surged as much as 7%, reversing losses since Monday, after related company Ripple Labs said it had received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.
The stablecoin will be issued on both the XRP Ledger and Ethereum networks, and could be used on decentralized finance (DeFi) applications that involve XRP, boosting the ecosystem.
Before the announcement, deposits from XRP whales to exchanges hit a six-month high early Tuesday, indicating short-term bearish pressure. Over the past 30 days, more than 2.66 billion XRP tokens moved to Binance, data from CryptoQuant shows. That is the most since April 2024.
“The large inflows suggest that big XRP holders are actively transferring XRP over the network,” CryptoQuant independent analyst maartunn said in a post. “Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal.”
Large movements of XRP to Binance preceded price drops in November 2023 and April 2024.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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