I've been following XRP these days and the situation is really complicated. The price has dropped significantly since that peak of $3.65, now it's around $1.42. This reflects what's happening in the crypto market in general, but there are some specific signals from XRP that deserve attention.

What’s catching my eye is the decline in demand for XRP spot ETFs. When they launched in November, over $666 million flowed in during the first few months, then another $499 million. But now? Almost nothing. Funds had outflows of $31 million last month — the first time this has happened since launch. Bitwise holds the largest ETF with about $276 million in assets.

There's another issue affecting it: RLUSD isn’t taking off. Ripple’s stablecoin has a market cap of around $1.4 billion, well below expectations. Meanwhile, USDC is adding billions, and USDT continues to dominate with $184 billion. RLUSD’s trading volume is weak in comparison — $9.1 billion over the last 30 days versus trillions for its competitors. Even with initiatives like Ripple Prime, RLUSD’s growth has stagnated.

Technically speaking, the chart looks ugly. It formed a bearish flag pattern, is below moving averages and the trendline. The RSI is below 50, suggesting more selling pressure. If it drops below 1.1175, it could go to 1.00. The XRP Ledger network is also falling behind — DEX volume at $125 million while Solana is at $50 billion.

It’s a scenario that calls for caution. XRP would need to rise above the trendline to turn the game around and head toward $2.00. But for now, the momentum is unfavorable.