XRP prices have taken a hit for the fourth straight day as the broader cryptocurrency market suffers.
On Friday, June 13th, Ripple (XRP) fell to a low of $2.0715, marking an 11% drop from this week’s peak and a 36% decrease from its earlier highs this year.
Despite the XRP ledger’s growth, the situation worsened after Circle’s USD coin (USDC) expanded into the network. According to data, the total supply of USDC on the XRP ledger has surpassed $2 million since its integration.
The decline in XRP prices was also fueled by Ondo Finance’s (ONDO) move to expand its tokenized Treasury via a collaboration with Guggenheim Partners, a firm managing around $350 billion in assets.
Meanwhile, the Ripple USD (RLUSD) stablecoin is seeing growth, with its market capitalization increasing from $309 million as of June 1st. If this momentum continues, it could hit $500 million by the end of this month or in July.
An encouraging factor is the rising probability that the Securities and Exchange Commission (SEC) will approve the Spot XRP Exchange-Traded Fund. Current estimates hold the likelihood at 90%. This is important as the SEC is set to consider Franklin Templeton’s ETF application ahead of its June 16th deadline, although a possible postponement until October is also on the table.
XRP Price Analysis
Looking at daily charts, it’s evident that XRP has been struggling recently, dropping from $3.40 in January to under $2.20.
Currently, XRP is trading below the 50-day and 200-day exponential moving averages, signaling that bearish momentum is building.
Specifically, XRP has formed a descending triangle pattern—a common indicator of continuation. This pattern features a horizontal support level at $1.9097, aligning with a downtrend line connecting recent highs since January 16th and the 50% Fibonacci retracement level.
This means the token could face a bearish breakout if it drops below the support at $1.9097. Such a move would heighten the likelihood of further declines toward the $1 mark. On the other hand, if it breaks above the descending trendline, it might pave the way for recovery, possibly returning to the $3.40 range.
