XRP Plummets to Yearly Low Amid Cryptocurrency Market Sell-Off

XRP has seen its price plummet to $1.01 in June, marking a yearly low and a 43% year-to-date decline.

This downturn comes after XRP dropped more than 20% in June alone, putting it on track for its second straight monthly loss.

The slide has eroded XRP's competitive edge, which was once the world's third-largest digital asset by market capitalization with a valuation of over $200 billion.

Ripple's institutional push to integrate the XRP Ledger (XRPL) and its underlying protocol into the global financial system has not seemed to have an impact on XRP's price.

Bulls are targeting a macro breakout, while bears project a crash to $0.70 if the psychological $1.00 support floor snaps.