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Ripple (XRP) Price: Token Holds Above $2 Despite Major Profit-Taking Activity
Despite the cryptocurrency market witnessing significant profit-taking activity, Ripple’s token, XRP, has defied expectations by holding above the crucial $2 mark. The token’s ability to maintain its value is a testament to its underlying strength and fundamentals.
According to on-chain data from Glassnode, the 7-day simple moving average of realized profits reached an astonishing $68.8 million in early June, indicating a substantial amount of profit-taking among XRP holders who accumulated below 60 cents. This wave of profit-taking was largely driven by early investors who have seen their investment grow exponentially since October 2024.
However, despite this major profit-taking activity, XRP’s price has refused to budge below the psychological barrier at $2. This resilience is an encouraging sign for long-term holders and a testament to the token’s strong fundamentals. The current supply pressure from long-term holders may create headwinds for further price gains.
It is essential to note that the broader altcoin market has been witnessing significant selling activity, with CryptoQuant analysis revealing a 1-year cumulative buy/sell volume difference of negative $36 billion. This stark reversal in investor sentiment casts a shadow over the overall performance of the crypto market.
In contrast, XRP’s price action stands out as an exception to this broader trend. The token’s ability to maintain its value and resist profit-taking pressure suggests that it may be more resilient than previously thought. The recent regulatory developments supporting Ripple’s expanding tokenized asset infrastructure have also contributed to its positive momentum.
As the cryptocurrency market continues to navigate these uncertain conditions, XRP’s ability to hold above $2 will be closely watched by investors and analysts alike.
Source: coincentral.com
