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XRP Faces Potential 35% Price Correction as Profit-Taking Accelerates
XRP investors who bought the digital asset before the rally of November 2024 are now realizing substantial profits, averaging $68.8 million daily, according to data from Glassnode [1]. This surge in profit-taking, coupled with a market structure heavily weighted towards recent buyers, raises concerns about a potential price correction for XRP.
profit-Taking Mirrors 2017 Market Top
The current behavior of XRP traders mirrors the events leading up to the 2017 market top. At that time,XRP experienced a rapid surge,followed by a meaningful increase in profit-taking by high-margin holders. This was subsequently followed by a 90% downtrend. A similar pattern is emerging now, raising the possibility of a substantial correction in the coming months.
Did You Know? XRP is designed to facilitate faster and more cost-effective international payments compared to conventional methods [2].
