XRP whale deposits to exchanges reached a six-month high on Tuesday, suggesting short-term bearish pressure in the market.

XRP showed notable outperformance compared to Bitcoin and other major cryptocurrencies, while Dogecoin (DOGE) led the losses over the past 24 hours, ahead of the U.S. inflation data set to be released later on Wednesday. Bitcoin (BTC) remained stable at around $98,000, while other major assets like Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) dropped by up to 2%. In contrast, DOGE fell by 4%, while Shiba Inu (SHIB) and Floki (FLOKI) gained 1%. The broad CoinDesk 20 index of top cryptocurrencies added 0.69%.

The U.S. Bureau of Labor Statistics is expected to release the November consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). The outcome of this report could influence the Federal Reserve’s interest-rate decisions and may have implications for the broader financial markets, including cryptocurrencies. Previous CPI data showed that inflation remains a concern for the Fed.

XRP, however, surged up to 7% after Ripple Labs announced that it had received final regulatory approval to launch the RLUSD stablecoin in the U.S. This stablecoin will be issued on both the XRP Ledger and Ethereum networks, enhancing XRP’s role in decentralized finance (DeFi) applications and strengthening its ecosystem.

However, XRP whale activity indicated potential bearish pressure. Whale deposits to exchanges spiked, with more than 2.66 billion XRP tokens moved to Binance in the past month. This marked the largest influx since April 2024, according to data from CryptoQuant.

“These large deposits suggest that significant holders are actively moving their XRP,” said CryptoQuant independent analyst maartunn. “Whale movements often signal a potential shift in strategy, given the large sums at stake.”

Historically, such whale activity has been followed by price corrections, as seen in November 2023 and April 2024, when similar movements preceded price declines.