Long-term XRP holders have significantly increased their selling activity, potentially pressuring the token’s price. A spot XRP ETF could launch soon in the U.S., potentially boosting the price. Derivatives market sentiment for XRP is mixed, reflecting a lack of strong conviction among traders.
What to Know:
- Long-term XRP holders have significantly increased their selling activity, potentially pressuring the token’s price.
- A spot XRP ETF could launch soon in the U.S., potentially boosting the price.
- Derivatives market sentiment for XRP is mixed, reflecting a lack of strong conviction among traders.
XRP is currently navigating a complex landscape as long-term holders increase their selling activity. This development coincides with anticipation surrounding a potential spot XRP exchange-traded fund (ETF) in the U.S. and mixed sentiment in the derivatives market.
Data from Glassnode indicates that long-term XRP holders have increased their spending by approximately 580% since early August. This surge in selling activity by seasoned traders suggests a potential shift in sentiment among those who have held the token for an extended period. “Spent volume” is a Glassnode metric, which shows the total volume of crypto that has been sold over a certain period of time.
Since early August, XRP price has dropped from $3.3 to $2.4 (-27% 🎯).
At the same time, long-term holders who accumulated before Nov 2024 ramped up their spending by ~580%, from $38M/day to $260M/day (7D-SMA)A clear sign of seasoned traders exiting and adding pressure to… pic.twitter.com/q5h02AsdrJ
Canary Capital might be preparing to launch the first spot XRP ETF in the U.S., potentially as early as November 13. The launch of a spot XRP ETF could provide increased accessibility and exposure to XRP for a broader range of investors. Depending on the success of its launch, the price of XRP could experience a notable upswing.
Currently, XRP is trading around $2.50, down from its all-time high of $3.65, but remains a top cryptocurrency by market capitalization. Despite the potential catalyst of a spot ETF, the derivatives market sentiment for XRP remains indecisive. The ratio of bulls to bears is nearly 50/50, indicating a lack of strong conviction among traders regarding the token’s near-term prospects.
The cryptocurrency market is watching closely to see how these factors play out and influence XRP’s price trajectory. The launch of a spot ETF could change the game for XRP.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
Long-term XRP holders have significantly increased their selling activity, potentially pressuring the token’s price. A spot XRP ETF could launch soon in the U.S., potentially boosting the price. Derivatives market sentiment for XRP is mixed, reflecting a lack of strong conviction among traders.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
