Just noticed XRP is down to $1.41 from its $3.65 peak last year - quite a rough ride for Ripple holders. The spot ETF hype seems to have completely fizzled out too. Started strong with $666 million in inflows when they launched, but now we're talking about single-digit millions and actually seeing outflows some months. Bitwise still leads the pack with $276M, but the momentum is clearly gone.

What's interesting is how weak the broader Ripple ecosystem looks right now. The RLUSD stablecoin that was supposed to be a big deal is basically stuck at $1.4 billion in market cap - nowhere near where Ripple wanted it to be. Meanwhile USDC keeps growing, USDT is massive at $184B, and even PayPal's stablecoin is doing better. RLUSD's daily volume is pathetic compared to the competition too.

On the technical side, XRP is looking pretty bearish. It's sitting below key support levels and forming what looks like a pennant pattern pointing downward. RSI is still underwater, so there's real risk of it testing the $1.11 low from earlier this year. If that breaks, we could see it heading toward the psychological $1.00 level. Only way the bearish case gets invalidated is if it breaks above the descending trendline and climbs back to $2.0, but that seems unlikely with everything going on.