XRP Faces Continued Pressure amid Market Downturn
XRP has seen its price drop for the fourth day in a row, falling to $2.0715 on June 13. This represents an 11% decrease from its weekly high and a 36% dip from its earlier peak this year. Despite these setbacks, the XRP Ledger network has seen growth.
Circle has expanded USD Coin (USDC) to the XRP Ledger, with the total supply now exceeding $2 million. Additionally,Ondo Finance has partnered with Guggenheim partners to bring tokenized treasuries to the ledger.Ripple USD (RLUSD) has also shown growth, with its market cap rising to $413 million from $309 million on june 1.if this trend continues, it could reach $500 million by the end of June or July.
There’s also a positive outlook for a spot XRP exchange-traded fund. The U.S. securities and Exchange Commission has a 90% chance of approving it, with a decision deadline on June 16.However, the SEC might postpone the decision until October.
On the technical side, XRP has been under pressure, falling from $3.40 in January to below $2.20. It’s currently trading below the 50-day and 200-day Exponential Moving Averages, indicating bearish momentum. A descending triangle pattern has formed, with a support level at $1.9097. If XRP breaks below this level, it could decline toward $1. Conversely, a break above the descending trendline could signal a move back to $3.40.
