As XRP holds above $2 without much progress, on-chain data shows early investors are taking profits.
On-chain analytics firm Glassnode highlighted this development in a post on X on Thursday. The report first noted that, as XRP trades above $2, this price level represents a 4X increase compared to XRP’s base price just before the breakout in 2024.
Back then, XRP had a base price of around $0.40 to $0.60, consistently trading within that range without breaking significantly above or below it. However, by the first week of November 2024, the trend shifted. XRP began a breakout run and never returned to that previous range.
By mid-November, the coin had reclaimed the $1 level for the first time since 2021. The momentum continued to build, and XRP surpassed its 2021 cycle peak of $1.96 by the first week of December. Overcoming this major multi-year resistance level created the launchpad for XRP to surge into the $2 and eventually the $3 range by January 2025, levels last seen in 2018.
Many hoped XRP would break its seven-year all-time high jinx, but resistance at those levels proved formidable, causing the price to retrace. The combination of strong resistance and solid support helped XRP establish a new base around the $2 range. Since January, XRP has generally held above this level, with occasional dips below.
With this new base, those who patiently accumulated XRP around the $0.50 mark when it was barely moving are now sitting on gains of over 300%. Meanwhile, Glassnode data suggests these early investors are beginning to exit the market.
Early Investors Dumping XRP
The report revealed that, since early June, early investors have been taking profits at an astonishing rate of around $69 million per day.
This wave of distribution suggests that XRP’s upward momentum may slow unless new buyers step in. This may explain XRP’s 9.6% decline over the past month, now trading at $2.14.
XRP is trading above $2, more than 3x higher than its base price before the sharp rally in November 2024.
Investors who accumulated earlier are sitting on over 300% gains.
In early June, they began realizing profits at a pace of $68.8M per day (7D-SMA), signaling a wave of… pic.twitter.com/N8DLs0EXpQ
— glassnode (@glassnode) June 19, 2025
Despite the ongoing distribution, XRP’s price has remained above $2. Some commentators interpret this as a sign of strength amid selling pressure. Others see a potential repeat of previous cycles, suggesting that current buyers could be rewarded handsomely if XRP establishes a new, higher base.
Interestingly, while some investors are selling, whales are accumulating XRP.
XRP Whale Count Hits Record High
A recent report from Santiment indicates that activity on the XRP Ledger has surged significantly. Whale presence and network transactions are reaching new highs amid hope for market recovery.
Specifically, the number of wallets holding at least 1 million XRP has hit a record 2,708, with each wallet valued at over $2.25 million. This is the first time in XRP’s 12-year history that such a high count has been recorded.
Additionally, daily active addresses have spiked to over 295,000. This marks a 637.5% increase in just one week, far exceeding the recent average of 35,000–40,000.
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