XRP supply wey dey make profit don reach July 2024 low as ETF dem still dey withdraw
Glassnode data dey show say percent of XRP wey dey make profit don drop reach the lowest since July 2024. "Percent of XRP Supply in Profit" come fall to 43.4%, meaning most of the circulating XRP dey trade underwater. Traders fit expect more sell-pressure and weaker rebound follow-through as XRP supply in profit still dey compress.
The report still point to pressure from US spot XRP ETFs. Total net assets na about $917M, down from over $1B before. Big outflows happen between March 5–12 (e.g., -$16.62M on March 6 and -$18.11M on March 9), before flows stabilize late March with near-zero days (e.g., -$1.32M on April 1).
Even with the bearish backdrop, derivatives activity dey flagged as possible setup for short squeeze. Still, with XRP supply in profit at multi-month lows, any squeeze fit struggle unless XRP fit reclaim key resistance levels.
Bearish
Di many plenty XRP wey dey for profit don fall reach the lowest level since July 2024, meaning say as the portion of profitable positions dey shrink quick, selling pressure fit put immediate pressure for price; any bounce go dey easily meet people wey wan cash out/take profit and emotional sell-off on top. For the same time, the US spot XRP ETF money wey dey flow out (net assets drop from over US$1 billion to about US$917 million, and big net outflow show for early March) don make expectation say short-term funding go weak stronger. Short-term, if ETF money continue to flow out and profit positions compress further, market go more likely follow trading rhythm of “weak bounce then dip again”. For medium-term, the derivatives short squeeze wey the text mention fit bring volatile upside, but when XRP supply in profit dey at multi-month low, the squeeze need price to first recover key resistances; otherwise e fit turn into high-volatility short-term event wey no fit change the downtrend.