$BTC $ETH $XRP
Bitcoin drops below the $115,000 level, risking the loss of the 50-day EMA.
Ethereum descends within a rising channel, with bears targeting the $4,000 psychological level.
Ripple’s XRP dangles at the $3.00 psychological support amid mounting selling pressure.
A risk-off sentiment prevails in the cryptocurrency market, as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue their downward trend. The worsening market mood is supported by the surprise increase in the US Producer Price Index (PPI) last week, which surged by 0.9% in July, exceeding the 0.2% forecast.
As inflation increases, a 50 basis point (bps) interest rate cut by the Federal Reserve (Fed) is off the table, while a 25 bps rate reduction in September remains a possibility at 83% as of Tuesday, according to the CME FedWatch tool. As the market sentiments remain down, the top cryptocurrencies retest crucial support levels while downside risk escalates.
