XRP investors are cashing out on a massive scale, with related metrics surging 240%. However, despite a flurry of positive news, XRP prices continue to fall, and the market reaction has been lukewarm.
According to data from on-chain data analytics company Glassnode, XRP's "realized profit" metric has surged 240% since the end of September. This metric measures the profits realized by investors after they have actually sold their shares, and it is rare for it to continue to show realized profits in the current downtrend compared to periods of rising prices.
The price of XRP has fallen from $3.09 (approximately 4,032 Korean won) at the end of September to the current $2.29 (approximately 2,989 Korean won), but during the same period, the average daily realized profit has increased from $65 million (approximately 866 billion Korean won) to $220 million (approximately 2.932 trillion Korean won). This is interpreted as a signal that long-term holders are no longer expecting further price increases and are choosing to cash out.
Glassnode previously pointed out in late October that seasoned investors had begun selling off large amounts of XRP. This cash-out by holders contrasts sharply with previous price rallies in terms of fund flows.
It's worth noting that despite the current downtrend, Ripple has released a series of positive news. At its "Ripple Swell" event, featuring speakers such as Nasdaq CEO Adna Friedman and US digital asset advisor Patrick White, Ripple announced several significant developments, including a $500 million (approximately 6.665 trillion Korean won) funding round, the acquisition of crypto custody company PalisaDe, and a partnership with Mastercard.
In addition, ETF issuers including Franklin Templeton updated their filings (Form S-1) for spot XRP ETFs, but these positive signals failed to drive a price rebound. According to CoinGecko data, XRP is currently trading at $2.29 (approximately 2,989 Korean won), down about 9% from last week.
Despite a series of positive factors, XRP failed to gain upward momentum due to a large influx of cash-out orders. Experts point out that market buying sentiment has weakened, and further pressure in the short term cannot be ruled out. For XRP to return to a rebound trajectory, signs of a slowdown in realized profit flow and a easing of selling pressure are needed.
