In August, $XRP is showing the worst performance, especially compared to leading cryptocurrencies like Bitcoin and Ethereum.
Data shows that ETFs for $XRP have lost momentum over the past few months. Last week, these funds received only $1 million, significantly less than the $14 million attracted the week before.
In July, the funds attracted $27 million, which is less than the $59 million in June and $131 million in May of this year. This indicates that fund inflows are shrinking. The assets of Bitwise $XRP, Franklin XRPZ, and Canary XRPC are $303 million, $245 million, and $237 million, respectively.
Spot Bitcoin ETFs, in contrast, attracted over $800 million during the week of August 3-9, while funds for Ethereum received $244 million.
Regarding Ripple Labs' stablecoin, it has also lost momentum. The market capitalization of $RLUSD has fallen from $1.81 billion in June to the current $1.58 billion. According to Artemis, trading volume over the past 30 days has increased, but the number of holders over the same period has decreased by 8.5% to 26,200. This divergence suggests that although activity around $RLUSD has increased, the user base continues to shrink.
Meanwhile, the Ripple token continues to fall from its peak of $3.6575 in November 2024. Currently, $XRP has reached a significant support level, below which it has failed to drop several times since June. It is also at the psychologically important level of $1.0, which is the lower boundary of a descending triangle.
The token has fallen below the 50-day and 100-day exponential moving averages, indicating a sustained bearish trend. Consequently, the path of least resistance is downward.
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