Ripple‘s (CRYPTO: XRP) price has stalled above the crucial $1 support level as US investors continued buying its exchange-traded funds (ETF), while selling those tracking Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

XRP ETF Inflows Continued in June

Data shows that spot XRP ETFs added $46.5 million in assets this month, bringing the cumulative net inflow to $1.43 billion. These funds have had only one month of outflows since their launch in November last year.

Bitwise’s XRP ETF holds $293 million in assets, while the ETFs from Franklin, Canary, and 21Shares manage $235 million, $234 million, and $112 million, respectively.

The ongoing XRP ETF inflows are a sharp contrast to those tracking Bitcoin and Ethereum. Spot Bitcoin ETFs had over $4.06 billion in outflows this month, bringing the net outflows since January to $5.6 billion.

Similarly, Ethereum ETFs have shed over $471 million in outflows this month, lower than the $540 million they lost last month.

XRP ETF inflows rose in the same week in which Ripple announced that RLUSD, its stablecoin, will now be available in Japan following the approval by the main financial regulator. This approval will likely help it become an alternative to USDC and USDT. 

Recent data, however, shows that RLUSD has lost momentum as the supply has dropped to $1.57 billion from the year-to-date high of $1.8 billion. RLUSD has become one of the most important use cases for the XRP Ledger network. 

Another major news came from Europe, where Ripple secured a preliminary Crypto Asset Service Provider (CASP) license in Luxembourg. This is a major milestone as it paves the way for the full rollout of Ripple Payments across the Euro area and MiCA compliance.

XRP Price is Hanging on a Thread Above $1

The weekly chart shows that the Ripple price has slumped in the past few months, mirroring the performance of most cryptocurrencies. It dropped from a high of $3.6690 in July to the current $1.06. 

The token has slumped below the Major S&R pivot point of the Murrey Math Lines tool. It has remained below the 50-week and 100-week Exponential Moving Averages (EMA). 

XRP has settled along the 78.6% Fibonacci Retracement level. Therefore, there is a risk that the token may drop further in the near term, potentially to the Strong, Pivot, Reverse level of the Murrey Math Lines at $0.7813. This view will be confirmed if it drops below the supply of $1.

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