Why is inflation news causing big sell-offs for XRP?

XRP ( XRP -6.17% ) is seeing substantial sell-offs in Thursday's trading in response to macroeconomic news. The cryptocurrency's token price was down 5.3% over the past 24 hours of trading as of 3:40 p.m. ET. Over the same period, Bitcoin had fallen 3.3% and Ethereum was down 3.3%.

XRP is falling today after the latest round of inflation data has caused investors to become less optimistic about the outlook for interest rate cuts this year. The Producer Price Index (PPI) showed a much higher inflation level than had been anticipated, and the report is causing valuation pullbacks for cryptocurrencies and stocks.

XRP is sinking today on inflation news

The Bureau of Labor Statistics (BLS) published its PPI report for July this

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