Ripples native token became one of the poorest performers over the past few weeks, even though the lawsuit against the SEC ended. But theres more, so lets hop in on the latest developments in its ecosystem.

Record-setting minting of RLUSD

Ripples native stablecoin, which saw the light of day in mid-December after years of development and fighting US regulators, has been rather sluggish in terms of catching up to the big leagues. Data from CoinMarketCap shows that RLUSD is the 12th-largest stablecoin in the crypto market, with circulating supply of just over 240 million tokens.

However, the past 24 hours were much more positive for the asset. Data from its tracker shows that 50 million RLUSD were minted at the projects treasury, setting the record for the biggest mint in its three-and-a-half-month history.

50,000,000 #RLUSD minted at RLUSD Treasury.https://t.co/hf8GfYG3cy

Truth about XRP ETF hopes

Even ahead of the regulatory changes in the US and the closure of the lawsuit between Ripple and the SEC, a few companies had filed to launch their own exchange-traded funds tracking the performance of XRP. With the aforementioned two developments taking place in the past few months, the filings and speculations about such financial products reaching the US markets shot up.

In a recent article on the matter, CryptoPotato explored the potential impact on the assets price if they are indeed approved. By distinguishing the major differences between XRP and BTC (the first crypto asset to have ETFs listed in the US), we noted that there might be a short-term price boost for Ripples token due to hype, but the long-term effects are quite uncertain. Just look at ETHs performance since the July approvals.

XRP price keeps dropping amid worrying predictions

The cross-border token expectedly soared from $2.3 to $2.6 after Garlinghouse announced on March 19 that the lawsuit had effectively ended. However, that rally was extremely brief and turned out to be a classic sell-the-news moment.

In the following 10 days or so, XRPs price tumbled by 20%. It became the worst-performing crypto asset out of the top 20 and was close to breaking below $2 on multiple occasions.

Although it has defended that support line, for now, there are some predictions that it could slump toward $1.2 if it breaks below it. Veteran trader Peter Brandt noted that XRP has created a typical HS pattern that could result in a price drop to $1.07 if the $1.9 support is lost to the downside.

In contrast, CRYPTOWZRD believes XRPs price can bounce off from the $2 line and surge toward $2.8. The Great Matsby is also bullish, indicating that the asset might have already bottomed out this cycle during the drop to $1.8 several weeks ago.