The XRP spot ETF has finally been approved, which should have been a significant positive, but the market's reaction has been shocking. Instead of rising, the price has dropped, firmly stuck below $2.85, unable to break through. Short-term traders are disappointed and leaving the market, feeling they have again been "caught by the good news running out."
However, the on-chain data reveals another story. Those long-term holders, commonly known in the industry as "diamond hands", are quietly increasing their holdings. They seem unfazed by short-term fluctuations and instead view this as a great opportunity to accumulate. The continuous buying by these addresses acts like a firewall, preventing further price declines.
Technically, XRP is at a crossroads. A breakthrough of $2.85 could lead to $3.02, but if it continues to weaken, the support level at $2.64 may be tested. Both bulls and bears are engaged in a tug-of-war at this position, with neither side willing to concede easily.
This situation is actually quite common. When the entire market is adjusting, individual positive news is hard to sustain the market alone. However, the firm stance of long-term holders indicates that the fundamentals of XRP are still viewed positively. Sometimes, real opportunities are hidden in disappointment. The ETF is just the beginning; whether institutional funds will follow is the key
