XRP Whales Cash In $68.5M Daily Amid ETF Launches and Price Resistance
XRP’s early investors who bought below $0.50 before November 2024 have realized over $68.5 million in daily profits on a 7-day average as prices surged above $2.13. This 300%+ return has triggered distribution behavior reminiscent of the 2017 top, with more than 70% of XRP’s realized cap now concentrated at elevated levels—heightening sell-off risk. On-chain metrics show the 3–6-month SOPR near breakeven and the 6–12-month cohort still holding a 35% downside buffer. Technically, XRP faces resistance at $2.15 (bearish engulfing candle, descending trendline, 50-period EMA), while a drop below $2.086 could open a deeper correction toward $2.00 or even $1.60–$1.35, aligning with a descending triangle floor at $1.30. A sustained breakout above $2.15, however, could pave the way to $2.34 and $2.65. Institutional catalysts include the launch of XRP ETFs by Canada’s 3iQ and Purpose on the TSX and the SEC’s comment period for Franklin Templeton ETFs on Cboe BZX, signaling growing regulatory clarity. Traders should monitor ETF flows, SOPR shifts and key EMA levels for both short-term swings and longer-term trend validation.
Bearish
The combination of heavy profit-taking by early XRP investors—realizing over $68.5 million daily—and on-chain metrics showing a top-heavy realized cap and breakeven SOPR levels for newer cohorts suggests increased sell pressure. Technical resistance at $2.15 and the risk of a break below critical supports at $2.086 and the descending triangle floor near $1.30 point to potential short-term declines. Although ETF launches and regulatory clarity provide bullish catalysts, the immediate market outlook remains bearish until key resistance levels are convincingly breached. In the long term, a sustained breakout above $2.15 would shift the bias back to bullish, targeting $2.34 and $2.65.