XRP, one of the leading altcoins, has plunged by more than 18% over the past 12 days against Bitcoin. 

The token is currently worth 0.00002120 BTC, according to the latest data from the Binance exchange. 

On Monday, XRP is down another 1.5% against the leading cryptocurrency on Monday despite some positive catalysts such as The Dubai Land Department (DLD) choosing the XRP Ledger for its ambitious tokenization project. 

Moreover, CME Group officially rolled out XRP futures on May 18 after launching a similar product for Solana (SOL). However, this development has had little impact on the price of the token.  

The underperformance has not gone unnoticed by some XRP detractors, with Bitcoin maximalist Justin Bechler noting that the past two weeks had been brutal for the token's community.  

Bitcoin, of course, has benefited from robust institutional demand based on strong ETF flows. That said, XRP has also underperformed plenty of other altcoins. In fact, it is the only top 10 cryptocurrency in the red over the past week.   

The SEC is unlikely to approve a spot XRP ETF until late 2025, according to Bloomberg analysts. There is a small chance that the SEC will greenlight such a product as soon as July, but it will most likely take its time. 

There is also a lot of uncertainty surrounding Ripple's rumored acquisition talks with Circle. Recently, the fintech company denied that it was having informal talks about a potential sale.