The gulf between XRP’s operational momentum and its market performance has rarely been wider. Even as Ripple secured regulatory approval for its RLUSD stablecoin in Japan and the XRP Ledger processed more than 750,000 daily transactions, the token has been dragged toward the psychologically critical $1 threshold by a brutal crypto-wide deleveraging.
Bourses liquidated over $1 billion in crypto positions in recent days as a wave of margin calls forced traders to unwind. Bitcoin’s slide to a 2025 low of roughly $59,000 on Tuesday triggered the rout, pushing the Crypto Fear & Greed Index down to 12 — a reading that signals extreme fear. XRP, caught in the downdraft, now changes hands at $1.03, a year-to-date decline of nearly 45%.
Technical damage is mounting. The token briefly touched a new annual low of $1.05 earlier in the week, and the gap to its 200-day moving average of $1.53 has widened to almost 30%. The Relative Strength Index sits at 30.5, deep in oversold territory. Traders now fixate on the $1 support level; a sustained breach below it would likely trigger a cascade of stop-loss orders and open the path toward last year’s troughs.
None of this reflects the state of the network itself. The XRP Ledger recorded nearly 430,000 successful payments on a typical day in mid-June, part of a total transaction volume of over 750,000. The first quarter saw the value of tokenized assets on the ledger jump 124% to $2.25 billion. Ripple’s own RLUSD stablecoin has also expanded rapidly, with its market capitalization reaching $1.7 billion.
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That stablecoin scored a landmark regulatory win in Japan, where the Financial Services Agency approved RLUSD as a Category IV electronic payment instrument. Private and institutional users can now trade the token via SBI VC Trade, though orders are capped at roughly $6,200 and settlement initially runs over Ethereum. Each coin is fully backed by US Treasury bonds and dollar deposits, with monthly audits designed to guarantee stability alongside the peg’s integrity.
Ripple is simultaneously building out RLUSD’s infrastructure. The stablecoin is now integrated into Mastercard’s settlement system, easing large-scale payments for corporate clients. Through the Wormhole cross-chain protocol, RLUSD can communicate with 40 different blockchains, widening its utility beyond the XRPL ecosystem.
Despite these strides, the broad market dislocation shows no signs of abating. XRP’s recovery is blocked by a formidable resistance cluster at $1.19, and the entire near-term outlook hinges on Bitcoin’s ability to stabilize. With the RSI already signaling an extreme oversold condition, the potential for a bounce exists — but only if the macro selling pressure relents. For now, the market continues to price risk over fundamentals.
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