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.
As an analyst with over a decade of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The current state of the cryptocurrency market is no exception, with Bitcoin holding steady while other major players like Ether, BNB, ADA, and even Dogecoin are seeing some turbulence.
In the last 24 hours, Ripple‘s XRP surpassed Bitcoin and other significant digital currencies, while Dogecoin (DOGE) experienced the most substantial declines. The upcoming release of the U.S. inflation figures is set for Wednesday afternoon.
Bitcoin’s price hovered near $98,000, while Ether, Binance Coin, and Cardano decreased by up to 2%. Dogecoin dropped by 4%, but Shiba Inu and Floki saw a rise of 1% each. The overall CoinDesk 20 index increased by 0.69%.
At 8:30 a.m. Eastern Time (13:30 UTC), the U.S. Bureau of Labor Statistics will publish November’s Consumer Price Index (CPI). This data is crucial because Federal Reserve Chair Powell has stated that it, along with other economic updates, will greatly affect their decisions about interest rates. These rate decisions could potentially impact the crypto markets in the upcoming year. The data from last month indicated that inflation continues to be a significant concern for the Federal Reserve.
In a positive turn of events, XRP experienced an increase of up to 7% following Monday’s declines, after Ripple Labs announced they had obtained “final” regulatory clearance to distribute the RLUSD stablecoin within the United States.
The stablecoin can be distributed on both the XRP Ledger and Ethereum platforms, making it accessible for use in decentralized finance (DeFi) projects related to XRP. This expansion could strengthen the overall ecosystem by increasing its utility.
Prior to the recent announcement, there was a significant increase in deposits of XRP by large holders (whales) into exchanges on Tuesday, reaching a six-month maximum. This suggests an imminent downward trend for XRP. Over the last month, approximately 2.66 billion XRP tokens have been transferred to Binance, according to CryptoQuant’s data. This is the highest amount since April 2024.
According to an analysis by independent expert maartunn on CryptoQuant, the high volumes of XRP transfers indicate that major XRP holders are actively moving their XRP across the network. Such large deposits may hint at possible changes in strategy, as these whales control substantial amounts of assets.
Large movements of XRP to Binance preceded price drops in November 2023 and April 2024.
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2024-12-11 11:56