XRP Price Impacted by Major Profit-Taking Event
- An XRP wallet aged between five to seven years realized over $721.5 million in profit on December 11.
- The wallet’s cost basis was approximately $0.40, with the profit-taking occurring as XRP showed weakness around the $2 level.
- Since early December last year, the support zone between $2 and $1.90 has been tested multiple times, with XRP bulls managing to close above this zone on a weekly timeframe.
- At press time, XRP was trading at $1.89, indicating a fall below the key support zone.
The significant profit-taking from an old wallet highlights potential supply pressure on XRP as it struggles to maintain its position around the critical $2 level amidst thin market conditions across crypto. The event underscores how large transactions can influence market dynamics when liquidity is constrained.
This realization of over $721 million in profit serves as a reminder of how old supply can impact current prices, especially when market depth is limited and key levels are being tested repeatedly. (Source)
