23 hours ago
XRP outperformed bitcoin and different large cryptocurrencies, with dogecoin (DOGE) starring losses successful the past 24 hours earlier the merchandise of U.S. ostentation information aboriginal Wednesday.
Bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) remained dependable astir $98,000, portion ether (<a href="https://www.coindesk.com/price/ethereum/ " target="_blank">ETH</a>), BNB Chain’s bnb, and Cardano’s ADA fell by arsenic overmuch arsenic 2%. Memecoin DOGE dropped 4%, adjacent arsenic shiba inu (SHIB) and floki (FLOKI) roseate 1%. The broad-based CoinDesk 20 added 0.69%.
The U.S. Bureau of Labor Statistics is owed to merchandise November’s user terms scale (CPI) astatine 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economical information volition heavy power interest-rate decisions —which whitethorn interaction crypto markets successful the caller year. The erstwhile month’s information showed that ostentation <a href="https://www.coindesk.com/markets/2024/11/13/volatility-expected-in-bitcoin-later-today-as-us-headline-inflation-data-is-expected-to-tick-higher" target="_blank">remained a concern</a> for the Fed.
XRP, meantime, surged arsenic overmuch arsenic 7%, reversing losses since Monday, aft related institution Ripple Labs said it had received “final” regulatory support to connection the RLUSD stablecoin successful the U.S.
The stablecoin volition beryllium issued connected <a href="https://www.coindesk.com/business/2024/09/04/ripple-usd-stablecoin-could-be-issued-in-weeks-not-months-garlinghouse" target="_blank">both the XRP Ledger and Ethereum</a> networks, and could beryllium utilized connected decentralized concern (DeFi) applications that impact XRP, boosting the ecosystem.
Before the announcement, deposits from XRP whales to exchanges deed a six-month precocious aboriginal Tuesday, indicating short-term bearish pressure. Over the past 30 days, much than 2.66 cardinal XRP tokens moved to Binance, information from CryptoQuant shows. That is the astir since April 2024.
“The ample inflows suggest that large XRP holders are actively transferring XRP implicit the network,” CryptoQuant autarkic expert maartunn <a href="https://cryptoquant.com/insights/quicktake/67588489494b0e68b48987aa-Exchange-Flow-Whales-to-Binance-hit-a-6-months-high?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=maartunn&utm_term=xrpl" target="_blank">said successful a post</a>. “Whale deposits tin often awesome imaginable shifts successful strategy, arsenic these players person important amounts of assets astatine their disposal.”
Large movements of XRP to Binance preceded terms drops successful November 2023 and April 2024.
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