81.6% of XRP Supply in Profit, But Why Are Korean Traders Turning Bearish?

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81.6% of <a href="https://investment-policy.com/xrp-usd/">XRP</a> supply is in profit, but traders in Korea are turning bearish — Here is why

Since hitting a high of $3.40 on January 16, 2025, Ripple (XRP) has had difficulty maintaining a strong upward trend. Over the past quarter, its value dropped by as much as 46%, but even with this recent decline, more than four-fifths of the current circulating XRP supply is still in profit according to Glassnode data.

Although the profit supply percentage has decreased from its peak of 92% this year, the data shows that the value of holding remains strong, even after recent adjustments.

At the moment, Tron’s (TRX) supply is more profitable with approximately 84.6%, in contrast to Bitcoin (BTC), Ether (ETH) and Solana (SOL) which show profits of around 76.8%, 44.9% and 31.6%, respectively.

Analyst says Korean XRP traders are bearish

The data indicates that traders based in South Korea were instrumental in purchasing XRP when its price dipped under $2 on February 3. Investors from Upbit and Bybit exchanges made substantial bids below the $2 mark, which ultimately boosted the value of XRP to $2.89 by February 13.

Or simply:

Data suggests that traders in South Korea played a key role in buying XRP when it dropped below $2 on Feb 3. Bids from investors on Upbit and Bybit exchanges under $2 helped raise the altcoin’s price to $2.89 by Feb 13.

Over the last few days, there’s been a change in sentiment. As Anonymous Market Analyst Dom noted, Korean traders made approximately 1.4 million trades involving the XRP/KRW pair, with around 62% being sell orders. This resulted in a net sale of about $120 million worth of XRP between April 6th and 7th.

The pattern shows significant unloading of data by long-term big players and newer investors, while trust in XRP among the general public (retail) appears to be decreasing. Last week, CryptoMoon disclosed approximately $1 billion worth of positions being liquidated at an average price of around $2.10.

On the longer-term chart for XRP, it slipped below its $2 support on April 7, hitting a fresh annual low of $1.61. However, by April 9, the digital currency regained this crucial level. Despite this, if XRP maintains the $2 level, the overall market trend suggests bearishness across various time periods.

According to the graph, it looks like XRP could end its daily session below its 200-day moving average (orange line). This could lead to an extended downtrend in the coming weeks. Importantly, a possible area where buying interest may increase is between $1.63 and $1.27 (blue box), which appears to be a significant support level for XRP. Here, we might see a phase of accumulation taking place for this cryptocurrency.

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2025-04-10 09:20