đ XRP Sinks as Traders Cash Out $1.84 Billion Over the Past Week
đ $XRP Faces Selling Pressure
XRP has experienced a significant price dip of 13% since reaching a three-year high of $1.63 on November 23. Currently trading at $1.41, the altcoin has seen heightened selling activity as traders take profits.
đ° Profit-Taking at Record Highs
On-chain data reveals that XRP holders have realized $1.84 billion in profits over the past week, the highest since April 2021, according to Santiment. This metric indicates traders are cashing out at significant gains, contributing to the downward pressure on XRP's price.
đ Long-Term Holders Join the Sell-Off
XRPâs Mean Dollar Invested Age (MDIA) has dropped, signaling increased activity from long-term holders. These investors have taken advantage of the recent rally, selling their tokens and adding to the bearish momentum.
â ïž Supply in Profit Sparks Pressure
Currently, nearly 97% of XRPâs 99 billion circulating supply is in profit. With over 90% of holders seeing gains, selling pressure remains strong, which could drive XRP prices lower unless demand rises.
đź XRP Price Prediction
XRP is trading above key support at $1.33. If profit-taking continues, it could test this level and potentially dip to $1.28. However, renewed buying activity may push XRP back toward its recent high of $1.63.
