81.6% of XRP supply is in profit, but traders in Korea are turning bearish — Here is why

XRP has struggled to find sustained bullish momentum since reaching its rhythm highest astatine $3.40 connected Jan. 16, 2025. XRP (XRP) dropped arsenic overmuch arsenic 46% implicit the past 3 months, but contempt its caller drawdown, Glassnode information indicates that 81.6% of XRP’s existent circulating proviso remains successful profit.

While the nett proviso percent is down from its year-to-date precocious of 92%, the information acceptable highlighted the retention worth for holders contempt the caller corrections.

Percentage Supply successful Profit for XRP, BTC, SOL ETH, TRX. Source: X.com

Currently, lone Tron (TRX) has a higher profitable proviso with 84.6%, portion Bitcoin (BTC), Ether (ETH) and Solana (SOL) exhibited 76.8%, 44.9% and 31.6%, respectively.

Analyst says Korean XRP traders are bearish

Data shows traders successful Korea played a important relation successful buying the archetypal XRP dip beneath $2 connected Feb. 3. Investors connected Upbit and Bybit speech filled their bids beneath $2, pushing the altcoin’s worth backmost to $2.89 connected Feb. 13.

However, the sentiment has flipped implicit the past fewer days. Anonymous marketplace expert Dom pointed retired that Korean traders executed 1.4 cardinal trades connected the XRP/KRW pair, with 62% being merchantability orders, resulting successful a nett merchantability of $120 cardinal successful XRP betwixt April 6-7.

XRP selling connected Korean markets. Source: X.com

The information follows a inclination of dense selling from semipermanent whales and caller investors arsenic “retail confidence” successful XRP continues to slip. Last week, Cointelegraph reported implicit $1 cardinal successful positions being offloaded astatine an mean terms of $2.10

Related: XRP terms gains 13% aft Trump 90-day tariff intermission and XXRP ETF launch

XRP’s higher clip framework (HTF) illustration mislaid its $2 support, dropping to a caller yearly debased of $1.61 connected April 7, but the altcoin managed to reclaim this captious level connected April 9. Even if XRP holds the $2 level, the terms reflects a bearish marketplace operation connected aggregate clip frames.

XRP 1-day chart. Source: Cointelegraph/TradingView

As illustrated successful the chart, XRP volition perchance adjacent a regular candle beneath its 200-day moving mean (orange line), starring to a prolonged correction play implicit the adjacent fewer weeks. The cardinal request portion remains betwixt $1.63 and $1.27 (blue box), wherever a play of accumulation mightiness unfold for the altcoin.

Related: Ripple acquires crypto-friendly premier broker Hidden Road for $1.25B

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.