CandleFocus

XRP Outperforms Crypto Majors as Japan Yen Strength Signals Bitcoin Trouble

Author: Content Editor
XRP tokens experienced a surge of over 5% in the past 24 hours, driving gains among major cryptocurrencies while avoiding a potential "massacre" for Bitcoin. BTC saw a slight increase, rising above $96,000 from its Thursday low of $93,500. Other cryptocurrencies like ETH, SOL, BNB, ADA, and DOGE either remained stable or experienced small gains/losses. The CoinDesk 20 (CD20), which tracks major tokens, added 1.3%. Algorand's ALGO and Worldcoin's WLD saw significant jumps of up to 21% without any immediate catalysts. The market moves were influenced by the Japanese yen breaking a key level against the US dollar, which was driven by expectations of a Bank of Japan rate increase in December. The yen is considered an "anti-risk" currency and is seen as a safe-haven during times of stress. The potential impact of foreign exchange movements on cryptocurrencies, such as the yen's surge leading to a drop in BTC in the past, is also highlighted in the news.

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