XRP is approaching its historic peak of $3.40 despite significant selling pressure that saw holders liquidate over 540 million tokens, valued at approximately $1.74 billion, within a ten-day period. This substantial sell-off is largely attributed to profit-taking behavior following XRP’s surge above the $3.00 price threshold.
Long-term holders (LTHs) have notably reduced their positions, with holdings dropping to a six-week low. This shift among key market participants could significantly influence XRP’s price trajectory and overall market stability in the coming weeks.
Currently trading at $3.24, XRP has demonstrated a 35% price appreciation in recent trading sessions. The cryptocurrency now faces critical resistance at its all-time high of $3.40, a level that has historically limited further gains.
Market analysts suggest two potential scenarios: sustained bullish momentum could propel XRP beyond $3.40 toward a new record high of $3.80, while intensified selling pressure may trigger a retracement toward the $3.00 support level. Investors are advised to closely monitor long-term holder activity and broader market sentiment to gauge XRP’s ability to overcome current resistance barriers.