XRP stands alone in the green as Bitcoin bulls stay on the sidelines
XRP Stands Alone– Bitcoin (BTC) declined by 2.3% over the past 24 hours, retracing gains made after the latest U.S. CPI data release, which showed a 3.3% increase for June, slightly below expectations of 3.5%. This outcome initially boosted risk assets like cryptocurrencies, but the market sentiment quickly shifted to a ‘buy the rumor, sell the news’ dynamic, as anticipated by analysts at Santiment. BTC briefly surged above $59,000 on Thursday before retreating to $57,000 during European trading hours on Friday. This decline dragged down major tokens such as ether (ETH), BNB Chain’s BNB (2.2% drop), Solana’s SOL, and dogecoin (DOGE) (both down 5%).
The broader market, as measured by the CoinDesk 20 (CD20), fell by 2.48%, indicating widespread losses across cryptocurrencies. Notably, XRP was the only major token in positive territory, posting a 5% gain over the past 24 hours. This surge coincided with CME and CF Benchmarks launching indices and reference rates for XRP, a move expected to bolster institutional adoption, according to Ripple CEO Brad Garlinghouse.
Market participants remain cautious, with some staying on the sidelines amidst ongoing sales pressure from entities like defunct exchange Mt. Gox and the German state of Saxony, which has been actively liquidating previously seized Bitcoins. Alex Kuptsikevich, FxPro senior market analyst, noted that while Bitcoin is currently at $57,000 after failing to sustain $60,000, potential buyers are wary of these selling pressures. Arkham data indicated significant BTC movements to exchanges and OTC firms in Asia, leaving approximately 6,000 BTC, valued at $340 million, in wallets.
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