XRP Slides Below $1.05 as Retail Demand Fades

XRP's price has been sliding for three consecutive days, reaching a short-term psychological support level of $1.05 on Wednesday.

This decline coincides with a lack of momentum in investor interest and optimism about a potential deal between the US and Iran to reopen the Strait of Hormuz.

Retail demand has been sluggish, with only 2.14 XRP being traded on perpetual futures Open Interest (OI) on Wednesday, down from 2.37 billion XRP in July.

According to SoSoValue, institutional interest in XRP Exchange-Traded Funds (ETFs) remains muted, with inflows of $1.15 million on Monday and a total of $1.51 billion in cumulative inflows.