XRP, the fourth-largest cryptocurrency by market capitalization, is holding strong above the $2 mark, more than 300%, or three times higher than its base price before the sharp rally that began in November 2024.
Investors who accumulated earlier before this time are sitting on over 300% gains, according to Glassnode, indicating significant gains. However, signs of market rotation are beginning to emerge.
Glassnode reports that in early June, investors began realizing profits at an average pace of $68.8 million per day (seven-day SMA). This surge in realized profits suggests that early holders might be distributing their coins, potentially to new entrants or retail buyers chasing the rally.
At press time, XRP was up 0.13% in the last 24 hours to $2.17. XRP has been locked in a range of $2.06 and $2.338 since late May. The daily RSI has flattened slightly below the 50 midpoint, highlighting the possibility of consolidation or range trading in the coming sessions.
Contrary to this notion, if the price falls further and breaks below $2, it might signify the start of a new downward trend to $1.61. Buyers will benefit from a close above $2.34. XRP may then rise to the overhead resistance of $2.65.
XRP news
This week, Canadian asset management firm 3iQ launched a new XRP-focused ETF for North American investors. The 3iQ XRP ETF (XRPQ), now listed on the Toronto Stock Exchange (TSX), provides long-term exposure to the fourth-largest digital asset by market capitalization. 3iQ’s latest ETF follows another XRP-focused launch from Purpose Investments, which started trading its spot XRP ETF this week.
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The U.S. Securities and Exchange Commission has launched a public comment period for Franklin Templeton’s proposed ETFs, the Franklin XRP ETF and the Franklin Solana ETF, both of which seek to list on the Cboe BZX Exchange.
