XRP demonstrates significant growth past $2, while profit-taking among early investors creates pressure on the asset.
Profit-Taking Among XRP Investors
On-chain data from Glassnode indicates that XRP wallets realized $68.8 million in profits this month, marking the highest figure in over a year. This signals increased sell pressure, particularly from long-term holders who accumulated XRP below $0.60. Despite bullish sentiment and strong market structure, XRP has struggled to breach the $2.20 level due to this wave of profit-taking.
Regulatory Support, but Pressure Persists
Ripple's ongoing expansion into tokenized assets and recent regulatory clarity in the U.S. have provided positive tailwinds. However, they have not been sufficient to push XRP past resistance. The token faces a persistent supply overhang from early holders, limiting upside potential even as fundamentals improve.
Whale Activity on the XRP Ledger
Meanwhile, a new report from Santiment indicates that the XRP Ledger is buzzing with activity. Big players, or 'whales,' are stepping up significantly, with wallets holding at least 1 million XRP reaching an all-time high of 2,708. This means each of these wallets is now worth over $2.25 million, marking the first time in XRP's 12-year history that this many large holders have been recorded.
XRP continues to display strong results despite pressure from profit-taking investors and broader altcoin market weakness. The token's future may depend on its ability to break above the $2.20 level and demonstrate sustainable growth.
