All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- This week, XRP holders booked nearly $2 billion in gains, taking advantage of the token’s surge to a three-year high and applying bearish pressure on the coin.
- XRP has shaken off the pressure, and after dipping to $1.41, it has staged a resurgence in the past day to hit $1.49 as its incredible November run continues.
It’s been an incredible month for XRP. The sleeping giant finally awoke in November to surge to its highest price in three years. This inevitably led to investors taking their profits after holding the coin for years, resulting in a slight dip on Wednesday that XRP has since then shaken off.
On-chain data from Santiment shows that XRP holders booked profits this week to capitalize on the token’s recent highs. The crypto’s realized profits, which show whether investors are taking their profits and selling their tokens, noted sharp spikes this week, hitting a cumulative high of $1.9 billion, the highest since early 2021.
Another metric shows that those who have held the token the longest have been among the first to book their profits. This metric, known as the Mean Dollar Invested Age (MDIA), shows how long an investor has held a particular token, and a dip in MIDA indicates that long-term holders have been selling their stashes.
The two metrics show that this week, XRP investors have been selling to take profits as they await the market’s next move. This was always going to result in a price dip, and yesterday, the token dipped to $1.41, a 13% decrease for the day.
However, the bulls have retaken control, and as buying activity resumed, XRP staged a comeback to surge 7.6% in the past 24 hours and trade at $1.49, giving it an $84.78 billion market cap.
XRP to $2 Next?
Since Ripple won its case against the SEC, the XRP community has been abuzz with positivity and optimism for the token’s future. That Gary Gensler is leaving the SEC after his seeming vendetta against the ecosystem is a welcome bonus. It was only a matter of time before a trigger pushed XRP to new heights, and the November 5th election was this trigger.
Analysts believe that the bull market for XRP could just be getting started. In its November rally, the token has shown that whenever it trades in a bullish pennant, it breaks out to a new local high. The token has been trading in this pennant for a week now, as shown on the chart below, and analysts say the next breakout will take it to $2.
The token’s positive momentum is a welcome break for holders, who have been mocked for years as other tokens, including memecoins, surged while XRP remained range-bound. In November alone, it has gained 187%, the highest among the top 10 coins and six times higher than both Bitcoin and Ethereum.
