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XRP News Today: Cryptocurrency Market Dips 10% as Bitcoin Falls to $102,000 Ahead of CPI Data

Coin WorldTuesday, May 13, 2025 2:24 am ET

1min read

On May 13, 2025, the global cryptocurrency market experienced notable fluctuations, with the overall market capitalization dipping to $3.28 trillion. Bitcoin, the leading cryptocurrency, saw a significant pullback, trading at around $102,000, down from its recent highs. This decline was attributed to profit-taking and de-risking activities as traders braced for the upcoming US Consumer Price Index (CPI) data release. The CPI report is anticipated to influence market sentiment, with a lower-than-expected inflation rate potentially boosting Bitcoin's price due to expectations of reduced interest rates.

Bitcoin continues to mirror the global M2 money supply with a surprising 70-day lag. First charted last July, this relationship has held unexpectedly strong, even though M2 isn’t the most accurate money supply indicator. Bitcoin is now soaring past $104k.

Ethereum, the second-largest cryptocurrency by market capitalization, also faced a correction, dropping to a low of $2,493. This pullback ended a recent bullish run as investors took profits. Despite the correction, Ethereum remains a key player in the market, with analysts eyeing potential targets ranging from $3,800 to $4,800, and even as high as $10,000 or $20,000 based on historical fractals and breakout patterns.

XRP, another major cryptocurrency, emerged as the top gainer among the ten largest cryptocurrencies by market capitalization. XRP's price surged by 10% in the last 24 hours, trading at $2.60. This rally was driven by a break above its resistance line and attempts to scale the $2.50 resistance. A successful move above $2.65 could see XRP rally towards $3, signaling a potential trend change.

The upcoming CPI data release is expected to have a significant impact on the cryptocurrency market. According to analysts' forecasts, a lower-than-expected inflation rate could lead to a bullish sentiment, potentially driving Bitcoin and other cryptocurrencies higher. Conversely, a higher-than-expected inflation rate could exert bearish pressure on the market. Traders and investors are closely monitoring key support levels for Bitcoin, including $100,000 and the 20-day exponential moving average around $97,238.

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In summary, the cryptocurrency market on May 13 was characterized by a pullback in Bitcoin and Ethereum prices, driven by profit-taking and anticipation of the CPI data release. XRP, however, stood out as the top gainer, with a significant price increase. The market's reaction to the CPI data will be crucial in determining the short-term direction of cryptocurrencies.

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