Crypto Market Selloff: Here’s Why ETH, XRP, SOL Prices Falling Sharply

The crypto market has walked through a bumpy road this year, while the prices of major cryptos like Ethereum (ETH), XRP (XRP), and Solana (SOL), among others, trading at much lower levels than their all-time highs. At the time of writing, the global crypto market declined 1.16% to $1.02 trillion, while overall crypto market volume rose over 48% to $22.4 billion.

ETH, XRP, and SOL Leads Crypto Market Selloff

Talking about the performance, ETH price was down 2% in the last 24 hours to $1,591.73. XRP price and SOL were changing hands at $0.4765 and $17.68, down 4.72% and 3.84%, respectively.

The year 2023 gave a fresh perspective to the investors initially, and several crypto enthusiasts started regaining confidence in the market. However, the still-high inflation and its potential impact on liquidity have negatively impacted the market sentiments.

Additionally, the U.S. Federal Reserve is expected to release the CPI and PPI data this week, which are core indicators of inflation. Although many are hoping that the Fed is done with its aggressive rate hike policy, the investors seem to be walking cautiously.

On the other hand, the European Central Bank will also unveil its plan for a rate hike this Thursday. Considering all these aspects, this week marks a crucial week for the global financial markets, let alone the crypto segment.

In recent developments, Solana (SOL) faced immense selling pressure over the week, which plunged its price to $18.50 levels. Market participants grew concerned that Solana holdings might be liquidated after FTX’s hearing in Delaware Bankruptcy Court on Wednesday, September 13.

According to several reports, FTX is seeking approval to liquidate $3.4 billion in assets, which includes SOL, FTT, BTC, and ETH. Notably, the exchange had substantial SOL reserves but sold large quantities during a crash in November 2022.

Also Read: SOL Price Under Pressure Amid FUD of Solana Liquidation By FTX

Bitcoin Risks Falling Too?

According to Coinglass, the liquidation in ETH, XRP, and SOL for one hour was $4.79 million, $526.22k, and $422.74k, respectively. In the past 24 hours, 36,181 traders were liquidated with the total liquidation of $78.97 million. The largest single liquidation order liquidation of ETH-USD-SWAP value of $1.92 million happened on crypto exchange OKX.

In the last four hours, ETH, XRP, and SOL had liquidation of $6.47 million, $2.05 million, and $670.40k, respectively. The graph suggested that there is a selloff in the crypto market, and the investors are trading cautiously amid the hovering uncertainties.

Meanwhile, analyst Ali Martinez said on his X account that the daily price chart of BTC suggests a potential impending death cross. A plunge below the $25,200 support level could signal a more substantial price correction looming for Bitcoin (BTC).

Also Read: Will Binance Objects US SEC Motion To Seal Docs? Pro-XRP Attorney Deaton Weighs In