XRP (Ripple), designed to standardize transactions on Ripple's payment network for banks, has lost 70% of its value since last year's record high. The cryptocurrency was created in 2012 by a company called Ripple and is down to $1.09 as of July 17.
The token's decline can be attributed to the rise of stablecoins, which offer users more protection against fraud and have no volatility. Ripple itself launched a stablecoin called Ripple USD (RLUSD) in late 2024, further diminishing XRP's appeal.
Ripple Payments allows global banks to communicate directly with one another, eliminating the need for intermediaries and reducing transaction costs. However, this doesn't necessarily translate to value for XRP holders, as banks can use fiat currency instead of buying and selling tokens.