According to U.Today, XRP's price has remained below the $0.7 mark despite ending July on a high note. Stakeholders are concerned about XRP's continued poor performance in the broader cryptocurrency market. The significant price slump appears to be linked to the ongoing banking crisis in Japan.

Japan's banking sector has faced challenges since mid-July when the Bank of Japan intervened in the forex market to stabilize the falling yen. The FX rate was near 162 yen per U.S. dollar, and the intervention aimed to prevent it from slipping further. The Bank of Japan's actions included trading against lightweight hedge funds, but the currency recently slipped to approximately 157.5 yen per dollar. Similar measures were deployed against heavyweight speculators, resulting in severe liquidations as brokers began selling massively.

Ripple Labs' top allies, such as SBI Holdings and Mitsubishi UFJ, have established businesses in Japan and have been affected by the banking crisis. This has led to the selling off of their positions to stay afloat, which might explain the dumping of XRP shares onto the market. Analysts believe this could be a significant factor in the recent price slump of XRP, despite promising predictions for the sixth-largest cryptocurrency by market capitalization.

XRP has been on a six-year run of consolidation within a symmetrical triangle, which usually precedes a bullish rally. However, stakeholders, particularly investors in the XRP community, are finding it challenging to achieve a price rally that could lift XRP to the $0.9 to $1 level due to the banking issues in Japan. As of the time of writing, XRP has dropped by 5.18% to $0.5763 within the last 24 hours and remains low compared to projections.