XRP Investors cashed in $1.6 billion in profit-taking as frustration over the crypto assets price stagnation grows.
XRP which flipped Tether USDT late last year has spent six weeks on a price lag forcing investors to take profit.
In 24 hours, nearly 695 million XRP tokens were sold signaling frustration amongst XRP holders.
Price stagnation is often witnessed during consolidation phases characterized by limited upward movement. XRP has not crossed its all-time high for a whopping seven years.
XRP’s All time High sits at $3.40, a price it last hit in 2018. The crypto asset has not touched the $3 price mark in the past 3 months.
Long-Term Holders Keep the Fate
Despite the selling pressure heaped on the market by short-term XRP holders taking profit. Long-term holders are still holding out for the asset providing a stabilizing force for XRP.
Data from Santiment showed that the MVRV Long/Short Ratio indicates that these investors are still sitting on profits, which helps prevent sharper declines in value for XRP.
Technical analysts believe this stagnation by XRP is likely to continue following increased selling pressure which may jeopardize XRP’s support level.
The crypto asset which remains the fourth largest crypto asset continues to struggle with price stagnation, rising profit-taking, and growing investor frustration.
Long-term holders continue to provide a safety net for the meantime but this would not hold out as selling pressure from short-term holders could weaken the balance creating a bearish outlook.
XRP is down despite launching stablecoin
RLUSD received approval from the New York State Department of Financial Services (NYDFS) on December 10, 2024, and was officially launched shortly thereafter.
Ripple Labs the parent company of XRP launched the stablecoin while ushering itself into the stablecoin issuing market.
RLUSD goes head to head with Tether USDT, Circle USDC, and Paypal’s PYUSD for the global stablecoin market share.
RLUSD is natively issued on both the XRP Ledger and Ethereum blockchains, facilitating interoperability and access across multiple platforms.
At the time of the report, Ripple is exchanging hands for $2.35 dropping by 3.2% in the last 24 hours.
