Altcoin Market Bleeds as Top Coins Ripple, Cardano, Solana Plummet

Three top altcoins - Ripple (XRP), Cardano (ADA), and Solana (SOL) - are experiencing significant losses as the broader cryptocurrency market faces downside pressure.

The bearish trend is attributed to Citadel Securities' anticipation of a surprise Fed rate hike, which could reduce liquidity in high-risk assets, including crypto assets.

XRP has extended its decline below its 50-day Exponential Moving Average (EMA) at $1.1337, trading below the 78.6% Fibonacci retracement level at $1.0700.

Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest waning bullish momentum in XRP.

Cardano is also experiencing a downward trend below its 50-day EMA at $0.1739, with recent rebounds being corrective within a dominant downtrend.

Solana has been trading below $75 on Tuesday, maintaining a bearish near-term bias below the 50-day EMA at $76.32 and well under the 200-day EMA at $92.59.