The price of XRP (XRP) has gained over 300% in the last 8 months, successfully surpassing the $2 level. However, strong sales from early investors are making it difficult to break the critical resistance at $2.20.
XRP, one of the standout assets in the crypto market, continues to delight its investors with its price increase. Trading at approximately $0.60 in October last year, XRP is currently hovering above $2. This movement has provided early investors with gains exceeding 300%. However, these high returns have pushed investors to realize profits, leading to significant selling pressures in recent weeks.
According to Glassnode's on-chain data, XRP investors realized an average daily profit of $68.8 million. This is the highest level in the last year, making it difficult for XRP to break the critical resistance at $2.20.
Despite Ripple's progress in clarifying the regulatory environment in the US and advancements in asset tokenization, the price of XRP is unable to maintain its rise due to long-term investor sales. Sales from early investors are limiting XRP's potential in the short term.
According to the report by CryptoQuant analyst Burak Kesmeci, a total capital outflow of $36 billion has occurred from altcoin markets in the last year. This indicates that the overall altcoin market is still weak and capital inflows remain limited, except for a few coins like XRP.
Experts emphasize that for a broad altcoin rally to begin, investors' risk appetite needs to increase. If capital flows towards DeFi, Layer 1, and the gaming sectors do not increase, it seems difficult for an overall altcoin rally, including XRP, to occur this summer.
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