XRP Profit: Realization Surges 240%

What to Know:

• XRP investors are currently locking in gains en masse, according to recent data from Glassnode.
• Profit realization soared during a significant price correction, with the 7-day moving average surging by 240%.
• Bullish news, including Ripple’s funding round and ETF updates, has so far failed to lift the price of XRP.

Recent data indicates that XRP investors are actively securing profits, leading to notable market activity. Glassnode’s “Realized Profit” metric highlights this trend, showing a surge in profit-taking during a recent price correction. This activity suggests a shift in investor sentiment amid broader market dynamics.

Glassnode’s analysis reveals that previous profit realization waves in XRP aligned with price rallies, as long-term holders capitalized on gains. However, this time, profit realization spiked during a significant correction, with XRP’s price declining from $3.09 to $2.3 since late September. During this downturn, the 7-day moving average of XRP’s profit realization volume jumped from $65 million to $220 million per day, marking a 240% increase.

Despite bullish developments, XRP has struggled to maintain positive momentum. The Ripple Swell event, featuring prominent speakers like Nasdaq CEO Adena Friedman, along with announcements such as Ripple’s $500 million funding round and collaboration with Mastercard, have not significantly impacted the token’s price. Furthermore, updates from Franklin Templeton and other ETF issuers regarding spot XRP ETFs have also failed to drive bullish sentiment.

Intense profit-taking appears to be a major factor influencing XRP’s performance. The substantial volume of investors securing gains is creating headwinds for the cryptocurrency. Even with various positive catalysts, overcoming this profit-taking pressure remains a significant challenge for XRP.

Related: XRP Price: $12M Max Pain for Bears

Source: Original article