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XRP price is stealing the spotlight, leaving Bitcoin and other cryptos in its wake, while Dogecoin continues its slide ahead of a highly-anticipated U.S. inflation update.
Bitcoin (BTC) decided to stay cozy around the $98,000 mark, with Ethereum (ETH), BNB Chain’s BNB, and Cardano’s ADA slipping by up to 2%. Over in the meme corner, Dogecoin (DOGE) dropped 4% like it forgot how to fetch, even as Shiba Inu (SHIB) and Floki (FLOKI) wagged their tails with a 1% gain. Meanwhile, all crypto indexes flexed on average a modest 0.69% gain.
Read Also: Ripple’s RLUSD Explained
The U.S. Bureau of Labor Statistics is dropping November’s Consumer Price Index (CPI) data at 8:30 a.m. ET (13:30 UTC) today. Federal Reserve Chair Powell has made it clear: future interest-rate decisions are tied to these economic breadcrumbs. Last month’s CPI report showed inflation was still giving the Fed a headache, and today’s numbers could ripple (pun intended) into crypto market trends as we roll into the new year.
XRP Price Shines Bright
While the rest of the market is mostly yawning, XRP is out here doing cartwheels. The XRP price surged 7%, clawing back losses from earlier in the week. This spike came hot on the heels of Ripple Labs announcing it had secured final regulatory approval to launch its RLUSD stablecoin in the U.S.
This new stablecoin will live on the XRP Ledger and Ethereum networks, offering fresh utility in decentralized finance (DeFi) applications and TradFi. Translation: the XRP ecosystem just got a serious glow-up.
XRP Whale Watch
Before Ripple’s big news, XRP whales were making waves. Deposits from large holders to exchanges hit a six-month high early Tuesday, according to CryptoQuant. Over the last month, a staggering 2.66 billion XRP tokens found their way to Binance, marking the largest whale move since April 2024.
These moves often signal turbulence ahead. In November 2023 and April 2024, similar whale migrations were followed by price drops. CryptoQuant analyst Maartunn noted that significant inflows suggest big players are shifting their strategies.
What’s Next?
As the XRP price gains momentum and whales reshuffle their decks, all eyes are on the CPI data. A surprise in the numbers could mean more volatility across the board. For now, XRP holders are basking in the glow of their recent win, while Bitcoin and Dogecoin sit this one out.
