This filing discloses that XRP's price has fallen below a critical support level of $1, driven by declining ETF demand, stalled growth in Ripple USD, and a slowdown in the XRP Ledger ecosystem. Technical indicators suggest further downside risk for the token.
XRP's price has dropped below the key $1 support level, reaching its lowest point since November last year and 72% below its all-time high. This decline is attributed to a significant drop in demand for XRP ETFs, with inflows plummeting from $131 million in May to $3.27 million this month, indicating fading institutional and retail investor interest. Furthermore, the Ripple USD stablecoin's market capitalization has decreased, and the XRP Ledger's growth has stalled, evidenced by reduced active accounts, transactions, and a sharp decline in Total Value Locked (TVL) and chain fees. Short-term, technical analysis points to further downside, potentially to $0.50, unless a bullish reversal above the 200-day moving average at $1.3514 occurs. This situation poses a significant risk for current XRP holders and traders betting on its recovery.