81.6% of XRP supply is in profit, but traders in Korea are turning bearish

XRP has struggled to find sustained bullish momentum since reaching its cycle peak at $3.40 on Jan. 16, 2025. XRP (XRP) dropped as much as 46% over the past three months, but despite its recent drawdown, Glassnode data indicates that 81.6% of XRP’s current circulating supply remains in profit.

While the profit supply percentage is down from its year-to-date high of 92%, the data set highlighted the retention value for holders despite the recent corrections.

Cryptocurrencies, Ripple, XRP, Markets, Price Analysis — *Percentage Supply in Profit for XRP, BTC, SOL ETH, TRX. Source: X.com*

Currently, only Tron (TRX) has a higher profitable supply with 84.6%, while Bitcoin (BTC), Ether (ETH) and Solana (SOL) exhibited 76.8%, 44.9% and 31.6%, respectively.

Analyst says Korean XRP traders are bearish

Data shows traders in Korea played a significant role in buying the first XRP dip below $2 on Feb. 3. Investors on Upbit and Bybit exchange filled their bids below $2, pushing the altcoin’s value back to $2.89 on Feb. 13.

However, the sentiment has flipped over the past few days. Anonymous market analyst Dom pointed out that Korean traders executed 1.4 million trades on the XRP/KRW pair, with 62% being sell orders, resulting in a net sale of $120 million in XRP between April 6-7.

The data follows a trend of heavy selling from long-term whales and new investors as “retail confidence” in XRP continues to slip. Last week, Cointelegraph reported over $1 billion in positions being offloaded at an average price of $2.10

XRP’s higher time frame (HTF) chart lost its $2 support, dropping to a new yearly low of $1.61 on April 7, but the altcoin managed to reclaim this critical level on April 9. Even if XRP holds the $2 level, the price reflects a bearish market structure on multiple time frames.

As illustrated in the chart, XRP will potentially close a daily candle below its 200-day moving average (orange line), leading to a prolonged correction period over the next few weeks. The key demand zone remains between $1.63 and $1.27 (blue box), where a period of accumulation might unfold for the altcoin.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.