XRP Price Falls Below $1.05 Amidst Weakening Technical Outlook and Institution-Focused Upgrade Plans

XRP's price continued its downward trend for the fourth consecutive day, hovering below $1.05 as investors struggle to stay bullish amidst a weakening technical outlook. The token's decline reflects the lethargic sentiment in the broader cryptocurrency market.

Ripple developers are working on an upgrade to the XRP Ledger (XRPL) to improve multi-signature approvals for institutions and custodians. Currently, the process is cumbersome and prone to errors, but the proposed on-chain multi-signature upgrade would streamline the coordination process by allowing signers to add their approval directly onto the XRPL.

The outflows from XRP spot Exchange-Traded Funds (ETFs) totaled $3.58 million on Wednesday, indicating fading interest in the token. This aligns with a weakening technical outlook, as the price falls incessantly.