u.today 
The Ripple-linked $XRP token continues its multi-month slide against Bitcoin ($BTC), according to the recent market data.
In fact, it is currently on the verge of securing its lowest close against the leading cryptocurrency since the beginning of the year.
The $XRP/$BTC meltdown
After a brief period of consolidation and a minor relief rally in June, the pair has completely rolled over in early July, breaking down toward multi-month lows.
The pair currently hovers at 0.00001735 $BTC. It is precariously near its lowest levels of the year.
$XRP/
$BTC via TradingView
$XRP has shed 53% of its value over the past year in USD terms, a weakness that is magnified when denominated against a stronger Bitcoin.
There is a clear pattern of lower highs and lower lows, with every attempt at a bullish reversal being eventually sold off by traders.
As reported by U.Today, there is a sudden cooling of institutional appetite in the traditional markets. On July 8, spot $XRP exchange-traded funds (ETFs) snapped a period of relative resilience by logging a substantial $7.29 million net outflow.
Intriguingly, the downward price pressure comes amid a tightening supply dynamic on centralized exchanges. According to on-chain analytics provider CryptoQuant, the Binance $XRP Scarcity Index recently spiked to approximately 0.77 over a three-day period.
This is the highest level of supply scarcity observed on the world's largest crypto exchange since mid-2024.
Good news fails to boost $XRP
As reported by U.Today, Ripple recently finalized a historic five-year sponsorship agreement with the University of Kansas that places the $XRP asset in front of millions of mainstream sports fans.
On the institutional plumbing side, European post-trade giant Clearstream officially expanded its regulated custody offering to include $XRP.
Unfortunately for $XRP holders, the top altcoin is currently struggling to hold its ground despite the aforementioned positive developments.
