Ripple declines but still marks gigantic 16% weekly profit

Ripple fell on Friday on profit-taking as traders wrap up their weekly trades while the risk appetite wavers. 

Earlier data showed US unemployment rose to 4.1% in February from 4.0% in January, missing estimates of 4.1%.

US average wages rose 0.3% in February as expected, slowing down from 0.5% in the previous reading.

The US economy added 151 thousand new jobs in February, below estimates of 159 thousand, but still up from 125 thousand in the previous reading.

Federal Reserve Chair Jerome Powell said in a speech at the Chicago University that the Fed will wait to see the impact of President Donald Trump on the US economy before taking further monetary policy measures.

Powell asserted the need for patience as global uncertainty surges due to spiking trade protectionism. 

He said that US consumer spending could slow down in the first quarter of the year after a strong performance late last year, amid ongoing uncertainty. 

However, Powell believes the US economy is in a good position due to the strong labor sector, with the latest payrolls report indicating the resilience of the labor market.

Cryptocurrencies were boosted this week after President Trump’s announcement of a plan to set up a strategic crypto reserve that includes bitcoin, ethereum, ripple, cardano, and solana. 

Ripple

On trading, ripple tumbled 4.1% as of 20:48 GMT to $2.48, with a weekly profit of 16.3%.