- More than 70% of XRP investors bought this year's top.
- XRP is down 30% since then.
- Investors are holding on for another price rally.
After an explosive rally, the vast majority of XRP investors are now in the red on their investment, according to onchain data.
Market data from Glassnode shows that more than 70% of the investments in XRP came in during the token’s peak price in December and January.
That’s based on XRP’s realised capitalisation by age, a metric that segments investors in a cryptocurrency by how long they’ve held their tokens.
XRP spiked to $3.36 on Donald Trump’s inauguration as US President but has fallen 30% since.
Meanwhile, Bitcoin has recovered from its first-quarter slump to set a new all-time high above $111,000.
For XRP, the massive investment flux around the last price top likely indicates overly zealous retail buying behaviour.
With the price dip, XRP’s so-called army of retail hopefuls is waiting in the wings for a possible second act for the cryptocurrency.
The token is trading at $2.34 on Monday, according to CoinGecko.
ETF on the horizon
Data from Glassnode’s total supply last active chart for XRP shows an increase in dormant supply for the cryptocurrency.
This means holders are waiting it out, unwilling to sell at a loss.
Bettors on Polymarket aren’t too optimistic that the token will return to its yearly high of $3.40 this year.
They give the Ripple-linked cryptocurrency a 45% chance of breaking its 2017 all-time high before 2026. In fact, the probability of XRP hitting an all-time high has plunged from 66% earlier in May.
Any sustained buying activity will hinge on a new narrative to reignite interest in XRP.
That could come in the form of an approved spot exchange-traded fund for XRP.
The Securities and Exchange Commission is reviewing several XRP ETF filings are has until mid-October to decide.
Crypto market movers
- Bitcoin is up 2.2% over the past 24 hours and is at $109,785.
- Ethereum is 2.0% during the same period and is at $2,565.
What we’re reading
- EthCC says Vitalik will be as protected as Tom Cruise at Cannes as crime wave rattles crypto ― DL News
- Jupiter Unveils New Lending Protocol With Fluid ― Unchained
- New tariffs just dropped — Milk Road
- Democrats Push New Bill to Block Trump’s Crypto Dealings ― Unchained
- Meet the Oxford scientist who’s doing 10 times better than the S&P 500 ― DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
