XRP Price Plunges Amid Macro Fears Despite Strong Underlying Position

The price of XRP has declined by 2.39% to $1.11, underperforming the broader market which is also experiencing a slight downturn.

This decline comes amidst a disappointing earnings report from Alphabet and increased macro fears, including a potential larger military strike on Iran.

Ripple's underlying position remains strong, with significant progress made in recent months: seven US spot XRP ETFs now exist, having pulled in nearly $1.47 billion in cumulative inflows through late June.

However, several structural factors continue to work against XRP, including limited price impact from ETF funds and competition from Ripple's own stablecoin RLUSD, which has grown to a $1.5 billion market cap and may move money across borders without holding XRP.