XRP's Price Plummets as Demand Dwindles Amid Lack of Catalyst

XRP has been on a downward spiral this year, plummeting 46% since the start of the year. The cryptocurrency briefly traded below $1 three times in August - on August 11, 14, and 18 - after last closing under that level on November 15, 2024 at $0.8929.

One reason for XRP's decline is a significant drop in demand, as evidenced by the collapse of weekly ETF inflows to $1 million, down from $14.86 million the previous week. Additionally, exchange supply has hit a 7-year low, with holders not selling their coins but rather moving them off exchanges.

The CLARITY Act, which could have provided a catalyst for XRP's growth, is still pending in the Senate and won't be voted on until September 15. This lack of momentum has left XRP without a clear direction or support level, causing its price to struggle.