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XRP falls below the 200-day SMA, traders are following The Federal Reserve (FED) preferred inflation indicators.
Gate News bot news, on Friday, the Crypto Assets market sentiment was sluggish, XRP lost a key support level, and Bitcoin along with other major Tokens also fell, while traders are still waiting for the Federal Reserve's preferred inflation indicator – core personal consumption expenditure (PCE).
XRP has fallen below the 200-day simple moving average for the first time since April 10, (SMA), indicating that the downward momentum is strengthening. Although the demand for XRP as a corporate financial asset continues to grow, it seems to have not effectively boosted the price in the context of the overall market decline.
BRN Chief Research Analyst Valentin Fournier said in an email: "All eyes are now on the core PCE data released today, and if there are signs of a slowdown in inflation, this data could reignite bullish sentiment in the market."
Source: CoinDesk