XRP price Faces Decline Amidst Cryptocurrency Market Crash
XRP,the token behind Ripple,has seen its price retreat for four days straight. As of june 13, it hit a low of $2.0715,marking an 11% drop from its weekly high and 36% fall from the year’s peak.
Despite this decline, there’s some positive news.Circle expanded its USD Coin (USDC) on the XRP Ledger network, boosting USDC’s supply to over $2 million. Circle’s website shows these details.
Another growth comes from Ondo Finance, which partnered with Guggenheim Partners to bring its tokenized treasuries to the XRP Ledger.
- Ripple’s USD (RLUSD) stablecoin is also growing. Its market cap is now $413 million, up from $309 million just a week ago.
- The U.S. Securities and Exchange Commission (SEC) may soon approve a spot XRP ETF, with a 90% chance, despite facing a June 16 decision deadline.
Though, XRP’s price chart suggests bearish sentiment. XRP’s price has fallen from $3.40 in January to below $2.20. It’s trading below key moving averages, hinting at a potential bearish breakout below $1.9097. If this happens, a drop to $1 is probable. But, a break above the descending trendline could push it back to $3.40.
While XRP faces short-term challenges, these developments offer glimmers of hope for its future。
