XRP has been experiencing a significant downturn, with its price currently trading at around $1.09, marking approximately 10% weekly losses and 20% monthly declines.
The market-wide cryptocurrency downturn was sparked by Bitcoin dropping below the $65,000 mark, which pressured XRP lower and led to approximately $700 million in forced liquidations system-wide.
Despite institutional flows remaining constructive, with XRP-focused spot exchange-traded funds capturing around $5.31 million in net inflows on June 22, the bearish trajectory has not been reversed.
Ripple secured conditional preliminary authorization for a Crypto Asset Service Provider license from Luxembourg's financial supervisory authority under the European Union's Markets in Crypto-Assets regulatory framework.