The XRP price has dropped significantly since June 1, falling nearly 17% to around $1.15 on June 9. This decline is attributed to the broader crypto market's selloff and weak momentum readings, rather than any specific issues with the XRPL network.
The upcoming XRPL upgrade, scheduled for June 15, aims to improve performance and reduce memory usage by up to 40%. However, this upgrade has not yet changed XRP's short-term price structure, and traders remain focused on defending the $1 level.