- Ripple’s XRP traded near $2.15 following recent declines across the cryptocurrency market.
- Downward pressure remains as the circulating supply in profit continues to fall.
- A breakout above $2.30 could give bulls the chance to push for further gains, but waning speculative appetite is constraining momentum.
The price of XRP is trading near $2.15 and is in negative territory for the week as the circulating supply in profit has dropped to 58.5%.
That is the lowest level that metric has reached since November 2024, when the Ripple token traded below $1, and blockchain analytics firm Glassnode described the market as structurally fragile.
Declines in Bitcoin, Ethereum and the broader altcoin market mirror XRP’s recent performance.
XRP supply in profit declines
Glassnode’s analysis and research shows that strong downward pressure has pushed the share of XRP supply in profit down to roughly 58% — the lowest reading since November 2024.
At that time, the Ripple token traded near $0.53.
Losses over recent weeks have increased the share of supply in loss considerably, with momentum buyers now dominating and likely representing a source of selling pressure.
“Today, despite trading ~4× higher (~$2.15), 41.5% of supply (~26.5 billion XRP) is in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers,” Glassnode wrote on X.
According to Glassnode, XRP distribution following profit-taking since late September has been “on weakness, not strength.” But have the bulls weathered the storm?
The launch of XRP spot ETFs and several key partnerships have helped sentiment, despite recent price weakness.
Bloomberg’s Eric Balchunas recently noted the initial ETF activity, highlighting notable day-one volumes for newly launched products.
XRP price outlook
Ripple (XRP) is trading around $2.15 at the time of writing on Wednesday, as uncertainty continues across the crypto markets.
While Bitcoin has bounced from lows near $89,500 up toward $93,000, market tone remains largely negative with retail and institutional demand having eased in recent weeks.
Ripple’s token has fallen about 1.6% over the past 24 hours at the time of writing.
The altcoin is down nearly 12% over the past week and is trading closer to key support levels rather than critical resistance.
This weakness comes amid a broader risk-off mood that has spread through markets, driven by macroeconomic jitters and pockets of panic selling.
From a technical standpoint, the daily chart shows the relative strength index hovering near 38.
That reading leans bearish and suggests a risk of further downside, where additional weakness could unseat the bulls.
A similar outlook is visible in the moving average convergence, which recently produced a bearish crossover.
Additionally, a decline in XRP open interest — from about $4.11 billion to roughly $3.65 billion — signals waning speculative enthusiasm.
The weak derivatives picture indicates traders are stepping back to the sidelines amid ongoing market uncertainty.
As a result, $2.10 and $2.00 stand out as important support levels.
On the upside, bulls face resistance at $2.30 and $2.50 before the more significant $3.00 level comes into play.