On December 12, XRP recorded outstanding performance compared to Bitcoin and other major cryptocurrencies, while Dogecoin (DOGE) continued to drop sharply ahead of the U.S. Consumer Price Index (CPI) data release.
Market situation:
• Bitcoin (BTC): Stable around $98,000.
• Ethereum ($ETH ), $BNB & Cardano (ADA): Down by up to 2%.
• Dogecoin (DOGE): Down 4%, while Shiba Inu (SHIB) and Floki (FLOKI) rose slightly by 1%.
• XRP: Up by 7%, recovering from a drop earlier in the week, thanks to significant announcements from Ripple Labs.
Reasons for XRP's sharp increase:
Ripple Labs announced it has received final approval to launch the RLUSD stablecoin in the U.S. This stablecoin will be deployed on both the XRP Ledger and Ethereum networks, supporting decentralized finance (DeFi) applications and promoting the development of the XRP ecosystem.
Selling pressure from XRP whales:
According to data from CryptoQuant, a large amount of XRP has been transferred to Binance, reaching a six-month high with over 2.66 billion XRP in the past 30 days. This large cash flow is often a sign of strategic changes from major investors, sometimes leading to downward pressure.
Impact from U.S. inflation data:
The U.S. Bureau of Labor Statistics is expected to release November CPI data on December 13, amid ongoing concerns about high inflation. Federal Reserve Chairman Jerome Powell emphasized that upcoming economic data will have a significant impact on interest rate decisions, which could affect the cryptocurrency market in the new year.
Summary:
XRP is gaining significant attention due to positive developments from Ripple Labs, while other altcoins are facing selling pressure and awaiting inflation data. This is a sensitive period with signals that could strongly impact the investment strategies of both individuals and institutions.