Despite its strong fundamentals, XRP's price continues to disappoint investors with its downward trend. Following Bitcoin's decline, XRP and other cryptocurrencies have experienced a slump. XRP's price dropped to $0.4811 on June 12, showing an 8.3% decline over the past 7 days.

XRP's relative strength index (RSI) has fallen to 32, indicating oversold levels. If it drops below 30, it may signal a price reversal for XRP. The bearish sentiment following Bitcoin's decline has led to a downward resolution of the chart pattern, causing XRP's price to drop to $0.47. If the bears continue, the price could fall to $0.36, but significant support exists around $0.42.

On the other hand, if the bulls take over, XRP's price could find resistance around $0.55, which, if overcome, could propel the asset to $0.75. A new bill that could impact most cryptocurrencies, including Bitcoin and XRP, has been accepted by the Senate committee. The bill includes provisions that will force crypto-based companies to conduct KYC on their users or face sanctions.

This provision accelerates the process of imposing sanctions on crypto companies, including exchanges connected to users supporting illegal groups. Since hackers often use Bitcoin and cryptocurrencies as ransom tools, this bill could be significant in the long term. Investors should be aware that cryptocurrencies carry high volatility and risk, and should conduct their own research.