Cryptocurrencies XRP, MKR Shine as BTC, ETH Hold Steady Ahead of US Inflation Figure


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Categories: Bitcoins Cryptocurrency Ethereum

CryptocurrenciesXRP, MKR Shine as BTC, ETH Hold Steady Ahead of US Inflation Figure

Payments-focusedcryptocurrency XRP and MKR, the governance token of the peer-to-peerlending platform Maker, are rallying in an otherwise moribund crypto marketawaiting the release of the Federal Reserve's preferred measure of U.S.inflation: core personal consumption expenditure (PCE).

XRPtraded recently at$0.492, representing an 11% gain over 24 hours and MKR changed hands at $775,up 7%, according to CoinDesk data. Market leaders bitcoin (BTC) and ether (ETH)traded little changed near $19,500 and $1,340, respectively.

XRP has beena "court case play" this month, outperforming the broader market inhopes that the long-drawn-out legal tussle between Ripple Labs, a SanFrancisco-based company with close ties with the cryptocurrency, and the U.S.Securities and Exchange Commission, will be resolved soon.

XRP moved above a multimonth bear-markettrendline early this month and was trading above its 200-day moving average atpress time.

MKR's moveto a three-week high comes a day after Tyler Winklevoss, co-founder of cryptoexchange Gemini and a longtime crypto investor, submitted a proposal on theMaker forum to boost the adoption of the Gemini dollar (GUSD) stablecoinin the latter’s ecosystem.

Winklevossproposed a three-month marketing incentive plan, under which Gemini would pay afixed annual interest of 1.25% on the total GUSD balance in MakerDAO's vault.

Focuson core PCE

The Core PCEreleased by the U.S. Bureau of Economic Analysis gauges the averageamount of money consumers spend on goods and services each month. It excludesvolatile components like food and energy, and is considered to provide a betterunderstanding of the underlying demand-pull inflation than other figures, likethe consumer price index.

The Core PCEfor August, scheduled for release at 12:30 UTC, is likely to show a 0.5%month-on-month rise, taking the year-on-year rate up to 4.7% from July's 4.6%,according to Reuters estimates sourced from FXStreet.

Ahigher-than-expected reading would imply stickier price pressures and a more challenginginflation fight for the Fed, weakening the case for a meaningful bounce in thebattered risk assets, including cryptocurrencies.


Cryptocurrencies, XRP,BTC, ETH ,Crypto exchange, Stablecoin ,ecosystem, PCE, MKR, US Securities, 

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