XRP Drops Below 200-Day Average as Bitcoin Declines to $105,000
The crypto market experienced declines on Friday, driven by losses in major tokens including XRP and BTC. Key points include:
- XRP fell below the 200-day simple moving average for the first time since April 10, dropping to below $2.20, a 4.6% loss in 24 hours.
- Despite recent reports of growing demand for XRP as a corporate Treasury asset, its price declined.
- BTC briefly dipped below $105,000, marking nearly a 3% decrease within 24 hours.
- This drop followed a $358 million net outflow from 11 spot bitcoin ETFs, the largest single-day outflow since March 11.
- Other cryptocurrencies like ETH, SOL, and DOGE also reported larger losses, with smaller tokens such as OP, ARB, BONK, and PEPE declining over 10% each.
U.S. Core PCE Focus
The core personal consumption expenditure (PCE) index, the Fed's preferred inflation measure, is expected to show a monthly increase of 0.12% and an annual rise of 2.5%. A positive inflation report could influence Fed rate cut expectations and impact cryptocurrency markets positively.