XRP Outshines Bitcoin, While Dogecoin’s Slide Intensifies Before U.S. CPI Announcement.

XRP whale activity surged to a six-month high on Tuesday, signaling potential short-term bearish pressure despite the coin’s recent outperformance.

In the past 24 hours, XRP stood out by rising 7%, outperforming Bitcoin and other major cryptocurrencies, while Dogecoin (DOGE) led the losses. Bitcoin (BTC) remained relatively stable at around $98,000, with Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) seeing losses of up to 2%. Meanwhile, Dogecoin dropped by 4%, but Shiba Inu (SHIB) and Floki (FLOKI) experienced slight gains of 1%. The CoinDesk 20 index saw an overall gain of 0.69%.

As inflation data looms, the U.S. Bureau of Labor Statistics is set to release the November consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). The data will be crucial for the Federal Reserve’s upcoming interest-rate decisions, which could affect broader market sentiment, including crypto assets. The previous CPI report had shown inflation concerns, which are still on the Fed’s radar.

XRP’s impressive rise was fueled by Ripple Labs’ announcement of final regulatory approval for its RLUSD stablecoin, which will be issued on both the XRP Ledger and Ethereum networks. This approval boosts the use of XRP in decentralized finance (DeFi) applications, potentially strengthening its ecosystem.

However, XRP’s bullish momentum faces some challenges. Whale deposits to exchanges spiked, with more than 2.66 billion XRP tokens moved to Binance in the past 30 days. This is the largest transfer since April 2024, according to data from CryptoQuant.

“Large XRP deposits suggest whales are actively adjusting their positions,” said CryptoQuant independent analyst maartunn. “Whale moves can often precede shifts in market sentiment, as these players control significant portions of the supply.”

Such whale behavior has been followed by price declines in previous instances, notably in November 2023 and April 2024, hinting at a potential price correction.