XRP Profit Taking Climbs to $220 Million Amid Price Retreat
XRP long-term holders are realizing significant profits, increasing daily profit-taking to $220 million as the price retreats from its September high.Summary
XRP is experiencing renewed selling pressure as long-term holders, particularly those who accumulated below $1, are aggressively taking profits, increasing daily realized gains from $65 million to nearly $220 million since September, according to Glassnode data.
This profit-taking is occurring while XRP's price has retreated from its September high of $3.09 to around $2.30, signaling a "distribution into weakness" rather than selling into rally-driven upside, which suggests fading confidence in near-term gains.
Despite this short-term selling, XRP's underlying fundamentals remain strong, bolstered by Ripple's legal victory over the SEC, strategic acquisitions, and ongoing anticipation for potential spot XRP ETF approvals in the US, which could stabilize sentiment and reverse the current downtrend.
(Source：BeInCrypto)