From ETF movements to XRP Ledger updates, here’s the latest in the broader Ripple ecosystem, while the native token fights to stay above $1.00.
XRP is under a lot of selling pressure at the moment, even though BTC has remained relatively stable at around $64,000. The cross-border altcoin is inches away from dipping below $1.00 for the first time in nearly two years, and we will take a look at what analysts expect from it next.
At the same time, the spot XRP ETFs had a green week, but with a major elephant in the room, while the XRP Ledger issued a worrisome scam update.
XRPL Growth and Scam Alert
The official X account of the XRP Ledger reposted Token Relations’ chart showing how Ripple’s network has grown since the start of the year in terms of tokenized real-world assets. More precisely, the total value of RWAs on XRPL has skyrocketed by nearly 400% to $4.4 billion.
Interestingly, a large portion of that came from a tokenized electricity asset from Argentina’s Justoken called JMWH. It launched on XRPL in mid-January, and its market share on the network has grown to 51%.
Separately, the account issued a warning to the entire XRP community last week about new phishing attempts and fake giveaway posts. The team emphasized that there are no “XRP airdrops or rewards given out by us, Ripple, or wallets in the community.”
They urged investors and followers to refrain from sharing their XRP wallet keys, as when something sounds too good to be true, it usually is.
Regulatory Progress Reminder
Ripple has been making significant progress on the regulatory scene in major jurisdictions. One of the latest achievements came in early July when the company secured a full MiCA license. In a new video on X, the company outlined the significance of each such move as, “Regulatory clarity is the foundation of institutional trust.”
You may also like:
The firm’s UK and Europe Policy Director, Matt Osborne, explained the benefits for Ripple and its clients:
“Regulated banks, fintechs, and corporates can access our complete payments infrastructure across all 30 EEA countries. MiCA is enabling a new era of regulated finance, and Ripple is built for it.”
XRP ETFs: The Latest
CryptoPotato reported during the weekend last week’s performance of the exchange-traded funds tracking the cross-border altcoin. The week ended in the green, making it the fourth consecutive week in this positive streak, but there was a major issue. The actual net inflows were extremely slim, especially compared to the week that the BTC and ETH funds had.
The spot XRP ETFs attracted a modest $1 million, while two of the five trading days saw no reportable action, according to SoSoValue. This worrisome trend continued yesterday, with inflows remaining flat at $0.00.
XRP Price Struggles
The lack of institutional support through the ETFs and the overall bearish sentiment across the entire crypto market have harmed Ripple’s native token. It failed at $1.10 a few weeks ago and continued to dig new local lows. The CLARITY Act setback didn’t help either, as XRP slipped to $1.02 after the bill was delayed once again.
It tried to rebound over the weekend, but it was halted in its tracks. The past 12 hours or so have been quite painful as well, as XRP slipped to $1.002 for the first time since November 2024. Although it remains inches above that key psychological level, many analysts still believe in its upcoming resurrection, posting impressive targets of up to $50 if XRP rebounds from the $1.00 support.
Be the first to comment