XRP is trading above the $2 level thanks to ETF-related optimism and strong network data. However, daily profit-taking of $68.8 million poses a hurdle to upward potential.
While there is serious activity on the XRP network with approximately 20,000 active wallets daily and over 1 million payments made, investor sentiment remains cautious due to the overall cautious atmosphere in the altcoin market.
The future rise of XRP is largely linked to the SEC's ETF decision. This decision, expected by October, brings speculation as an important turning point for the market.
XRP, the cornerstone of the Ripple ecosystem, has managed to stay above $2 for the first time after the rally that began in late 2024. However, although it has outperformed the overall altcoin market, the profit realization by investors poses a limitation to the upward movement.
Currently, the price of XRP is around $2.17, experiencing an increase of about 0.5% in the last 24 hours. CoinGecko data shows that XRP was one of the notable gainers among the largest altcoins in terms of market value on Friday.
Glassnode analysts state that XRP has formed a strong support at the $2 level and that investors who collected XRP in the previous cycle have realized over 300% profits.
However, the same analysis points out that these early investors may be restricting XRP's upward potential with their profit sales. Since the beginning of June, daily average profit realizations of $68.8 million have been observed. This situation indicates a tendency for early holders to take profits from the market.
This wave of sales has not yet ended XRP's upward trend, but the overall pressure and uncertainty in the altcoin market continue. Market analysts report that the altcoin winter continues and that sellers have a $36 billion advantage over buyers. CryptoQuant data also reveals that altcoin investors are not active within the market.
Despite this, strong technical indicators continue to be seen on the XRP network. The number of daily active users has doubled the 2024 average, reaching approximately 20,000. The daily transaction volume is hovering around the level of approximately 1 million payments. These figures indicate that while investors are cautious, network usage remains strong.
One of the key factors supporting the rise in XRP prices is the increasing optimism around ETFs. Canadian asset managers 3iQ, Purpose, and Evolve launched XRP ETFs this week. This development is seen as one of the first serious steps by major financial institutions towards the Ripple ecosystem.
These funds have started to trade on Canadian exchanges and signaled that regulation has become more transparent in North America.
On the other hand, US markets are waiting for the SEC's decision regarding XRP ETF applications. According to Bloomberg analyst James Seyffart, the SEC has until October to make this decision. This means that intense speculation may occur in the second half of the year.
On the prediction platform Polymarket, the likelihood of XRP ETF approval in the US by the end of 2025 is indicated to be 89%. However, only 13% believe that this approval will come before the end of July. This situation shows that traders are either undecided or expecting delays.
Developments regarding ETFs and increasing network usage allow XRP to perform better among altcoins, while ongoing profit sales may hinder short-term rises.
As a result, the direction of XRP will largely depend on the SEC's ETF decision and overall market conditions; this will determine the speed at which we exit the current altcoin winter.
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