XRP price nears big move as RLUSD flirts with $500m milestone

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. You might also like: Is the crypto bull run still possible after Israel bombed Iran? 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 XRP price chart | Source: crypto.news 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. You might also like: XRP price prediction in June 2025 – the constant range is close to a breakout above?

Source: crypto.news