XRP stays profitable for most holders, but Korean traders spark bearish wave
Despite XRP experiencing a 46% price drop over the past three months, a large portion of its supply still remains profitable. However, trading behavior in South Korea is beginning to raise concerns among market analysts.
Following its January 16 peak of $3.40 in 2025, XRP has lost nearly half its value, currently trading around $2.10. Nevertheless, according to blockchain analytics from Glassnode, 81.6% of the token’s circulating supply is still in profit. This marks a decline from the year’s high of 92%, yet it shows that many holders are still in the green — even after recent corrections.
Glassnode’s data reveals that only Tron (TRX) has a higher share of supply in profit, at 84.6%. By comparison, Bitcoin sits at 76.8%, Ether at 44.9%, and Solana at 31.6%.
Korean markets shift from bullish to bearish
While XRP’s overall profitability remains strong, market sentiment in Korea appears to be shifting in the opposite direction. Local traders played a key role in supporting prices earlier in the year. On February 3, when XRP dipped below $2, heavy buying from users on Korean exchanges like Upbit and Bybit helped the token bounce back to $2.89 by mid-February.
However, this optimism has recently waned. Market analyst Dom shared data showing that between April 6 and 7, Korean traders carried out 1.4 million trades in the XRP/KRW pair — 62% of which were sell orders. This amounted to approximately $120 million in net XRP sales during that short window.
The selloff comes on the back of broader exits by both long-term whales and newer participants, reflecting a drop in retail confidence. Cointelegraph previously reported that over $1 billion worth of XRP was sold recently at an average price near $2.10.
Critical support tested and briefly lost
XRP’s market structure has taken a hit, particularly on higher time frames. On April 7, the altcoin dipped to a new yearly low of $1.61, falling below its $2 support. Though the price managed to reclaim the $2 level by April 9, many technical indicators continue to flash warning signals.
The 1-day chart suggests that XRP may soon close a daily candle under its 200-day moving average — a bearish signal that could result in a longer correction phase. The 200-day MA has traditionally served as a trend barometer in crypto markets.
If a sustained breakdown occurs, the next major demand zone lies between $1.63 and $1.27. This area, highlighted by analysts, may see fresh accumulation from long-term investors, especially if broader market conditions remain favorable.
Investor outlook cautious despite ETF optimism
The bearish momentum comes despite some positive developments for XRP in recent weeks, such as a 13% price bump following Trump’s announcement of a 90-day tariff pause and news of a potential XXRP ETF launch. However, these catalysts have not been enough to overcome the broader technical weakness and mounting sell pressure.
XRP’s future trajectory will likely depend on whether it can hold key support levels while rebuilding market confidence. Until then, traders may brace for continued volatility in the short term, especially if selling activity from Korean markets persists.