XRP price retreated for the fourth consecutive day as the crypto market crash continued.
Ripple (XRP) dropped to a low of $2.0715 on Friday, June 13, down 11% from its highest point this week and 36% below its peak earlier this year.
The token declined even as the XRP Ledger network continued to grow following Circle’s expansion of USD Coin (USDC) to the network. Data on Circle’s website shows that the total supply of USDC on XRP Ledger has jumped to over $2 million since its incorporation.
XRP price also dropped even as Ondo Finance (ONDO) expanded its tokenized treasuries to the ledger through a partnership with Guggenheim Partners, a company with almost $350 billion in assets.
Meanwhile, the Ripple USD (RLUSD) stablecoin has continued to grow. Its market cap has climbed to $413 million, up from $309 million on June 1. If this trend continues, it could reach $500 million by the end of this month or in July.
Another bullish catalyst is the rising odds that the U.S. Securities and Exchange Commission will approve a spot XRP exchange-traded fund. Current estimates place the likelihood at 90%. This is notable as the agency faces a June 16 deadline to rule on Franklin Templeton’s ETF application. Odds are that the SEC will postpone the decision, potentially to October.
XRP price analysis
The daily chart shows that XRP has remained under pressure over the past few months, falling from $3.40 in January to below $2.20.
XRP is now trading below the 50-day and 200-day Exponential Moving Averages, a sign that bears are gaining momentum.
Notably, XRP has formed a descending triangle pattern, a common continuation signal. This pattern includes a descending trendline connecting the highs since January 16 and a horizontal support level at $1.9097, which also aligns with the 50% Fibonacci retracement level.
Therefore, the token is likely to experience a bearish breakout, confirmed if it drops below support at $1.9097. Such a move would increase the odds of a decline toward $1. Conversely, a break above the descending trendline would suggest further gains, potentially back to $3.40.
