XRP Drops Down Market Cap Rankings

Since late last year, the asset has been trapped in a relentless downtrend.

Every attempt at a macro recovery has been met with heavy selling pressure. The cryptocurrency is struggling to regain a footing near the $1.30 level.

A seven-month losing streak is incredibly rare for a top-tier cryptocurrency, which shows just how devastating the current sell-off is.

A failed breakout

In mid-March, XRP bulls attempted a breakout. The sharp rally that peaked near the $1.60 level around March 16 and 17. This surge was completely unsustainable.

Immediately after hitting that local top, the asset experienced a steep and steady sell-off. Over the next three weeks, XRP charted a textbook series of lower highs and lower lows.

For now, sellers are firmly in control of the short-term price action despite some positive developments within the ecosystem.

Institutional pressure

Weekly ETF net flows show that capital is leaving XRP investment vehicles. XRP ETFs recorded a net outflow of $3.6 million. For comparison, Bitcoin managed to attract a positive $22 million in inflows. “Smart money” is currently reducing its exposure to the asset.