The crypto token XRP (CRYPTO: XRP) is trading lower on Friday, losing 6.8% as of 1:30 p.m. ET, and was down as much as 7% earlier in the day. The drop comes as the broader market takes a dive: The S 500 and Nasdaq Composite dropped 1.9% and 2.6%, respectively.

The Commerce Department reported that the core Personal Consumption Expenditures (PCE) price index increased by 0.4% in February, more than expected.

While economists had expected a 0.3% bump, February's PCE pushed the 12-month inflation rate to 2.8%, above the projected 2.7%. It marks the largest monthly gain since January 2024.

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Source Fool.com