I noticed an interesting pattern with XRP — the token is clearly losing investment interest. The price has dropped from $3.6 to the current $1.43, and demand for spot ETFs has almost dried up. If a month ago funds still attracted $10M, in the last month they have already lost $31M assets. The first outflow since the ETF was launched.

What is behind this? First, the overall weakening of the crypto market — Bitcoin and Ethereum are also not performing well. But there is also a more localized problem within the Ripple ecosystem. I looked at RLUSD — the stablecoin is clearly stagnating in development. Market capitalization is around $1.4B, although it was higher before. Meanwhile, USDC added $10B in a month, and USDT holds $184B. RLUSD lags noticeably — trading volume over 30 days is only $9.1B compared to $7T USDC.

Ripple Labs is trying to do something — they launched Ripple Prime, bought GTreasury for corporate treasuries. But there’s no result. Even XRP Ledger is losing ground to new blockchains. DEX volume on the network is only $125M per month, while Solana shows $50B.

Technically, XRP is forming a bearish flag after falling below the Fibonacci level of 61.8%. RSI is below 50, and the price is under the downward trend line. There is a risk of further decline to $1.1175 or even to the psychological level of $1.00. A reversal is only possible if we break the trend upward — then the target level is $2.0. For now, the scenario is bearish, especially if RLUSD shows no signs of recovery.