XRP’s Market Structure Mirrors February 2022, Glassnode Reports
- XRP is slipping back into a cost-basis configuration last seen in February 2022, with newer buyers accumulating at lower levels.
- Short-term wallets (1-week to 1-month) are buying below the cost basis of holders in the longer-term cohort (6-month to 12-month).
- The $2 level remains a major psychological zone for XRP holders, with significant realized losses noted during each retest since early this year.
- In February of the previous year, XRP experienced a sharp price movement from $0.6034 to $0.8758 before settling around $0.70 by month-end.
Glassnode highlights that the current market structure for XRP closely resembles that of February last year, with psychological pressure building on top buyers over time as newer demand steps in at lower prices.
This setup suggests potential sell pressure around key price zones like $2, where spending decisions change and capitulation can occur due to realized losses between $0.5B and $1.2B per week during retests this year.
