XRP extended its technical bear trend on November 26, trading nearly 40% below its yearly peak despite several underlying bullish catalysts emerging in recent months.
Stablecoin and ETF flows offer support
One of the strongest tailwinds comes from the accelerating growth of Ripple USD (RLUSD), Ripple’s GENIUS Act-compliant stablecoin. Recent data from Artemis shows RLUSD circulating supply has surged 28% over the past 30 days to $1.2 billion, making it the third-largest compliant stablecoin after USDC and PayPal’s PYUSD.
Network activity metrics also strengthened, with RLUSD transactions rising 17% to 443,000. Adjusted transaction volume jumped 56% to $3.5 billion, signaling broader real-world usage.
Although most RLUSD supply is currently issued on the Ethereum network, the XRP Ledger segment continues to expand rapidly, climbing to nearly $300 million in recent months.
Meanwhile, U.S. investors have been steadily accumulating XRP ETFs. According to SoSoValue, these funds have recorded zero outflow days so far, with cumulative inflows exceeding $622 million and total net assets rising to $644 million.
XRP ETF holdings represent just 0.5% of XRP’s market capitalization – far below the 5.5% ratio seen in Ethereum funds and 6.54% in Bitcoin funds – suggesting significant room for further institutional expansion.
Technical picture points to further losses
Despite solid fundamental drivers, XRP’s technical setup continues to flash bearish signals. The token remains consistently below the 100-day Exponential Moving Average and has recently broken beneath the Supertrend indicator.
Price structure also confirms a persistent downtrend, with XRP forming sequential lower highs and lower lows—one of the clearest signs of continued bearish momentum.
Given this setup, the most probable outlook favors additional downside pressure. The next key support sits near $1.8173, the monthly and October low, implying a potential 16% drop from current price levels.
