Ripple (CRYPTO: XRP) continued its strong downward trend last week and is hovering at its lowest level since November 2024. It has dropped in the last five consecutive weeks and is down by 70% from its highest point last year. 

XRP Price Has Slipped Despite Rising ETF Inflows

The XRP token has been in a steep decline since July last year despite some bullish news. One of the top catalysts has been rising ETF inflows, a sign that US investors are accumulating. 

Data shows that these ETFs have added $13 million in assets this month after adding $132 million in May. They are in the third consecutive month of inflows, with the net cumulative figure jumping to $1.44 billion. The Bitwise XRP ETF leads with $296 million, while Canary's XRPC has $254 million. 

The ongoing XRP ETF inflows is a sharp contrast to those of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Spot Bitcoin and Ethereum ETFs have shed over $3 billion and $1 billion this year.

XRP ETFs have added assets likely because of the positive news from Ripple Labs and its ecosystem. For example, Ripple USD, its stablecoin, has achieved $1.7 billion in assets, with $763 million being in the XRP Ledger. Its 30-day transfer volume jumped by 90% to $4.8 billion.

Still, a key risk for XRP is that there is a disconnect between the token and Ripple Labs. Ripple Labs grew its valuation to $50 billion in March after implementing a $750 million buyback. A few months before that, it achieved a $40 billion valuation after raising cash from Ken Griffin's Citadel. 

It is also unclear whether Ripple Labs' acquisitions, including GTreasury and Hidden Road, have led to a surge in network activity. 

Ripple Price Slowly Nears a Death Cross Pattern

Technical analysis suggests that the XRP price has more downside to go. For one, it is about to form a death cross pattern on the weekly chart as the spread between the 50-week and 200-week moving averages narrows. A death cross is one of the most common bearish signs in technical analysis.

The token also formed a double-top pattern at $3.3981 and a neckline at $1.5723, giving it a height of $1.8258. These technicals mean that the token will likely drop to the psychological level of $1.00. If this happens, XRP may drop to the psychological level of $0.50, its lowest point in November 2024.