Seasoned Traders Exiting XRP – U.Today

According to data from analytics company Glassnode, they are seasoned XRP traders performing and adding pressure to the token’s price action.

This assumption is based on the fact that long-term token holders have increased their spending by a whopping 580%.

“Volume Spent” is a Glassnode metric that shows the total volume of cryptocurrencies that have been sold over a period of time. The metric also highlights different age cohorts, making it relatively easy to understand for those looking to determine the source of sales activity.

As reported U.TodayXRP has also recently taken a significant hit in terms of payment volume.

The token is currently changing hands at $2.50, according to data from CoinGecko. That’s down 31.5% from the all-time high of $3.65 set four months ago. Despite the significant correction, it remains in fourth place by market capitalization.

A possible catalyst

As reported U.TodayCanary Capital may be on the verge of launching the very first spot XRP exchange-traded fund in the US. Trading could start as early as November 13.

Depending on how successful its launch is, the price of the Ripple-linked token could increase significantly.

However, the question remains whether the impact of the first spot XRP ETF in the US will be strong enough to offset the ongoing sell-off by seasoned traders.

Slightly bullish

CoinGlass data shows that sentiment in the XRP derivatives market remains rather bullish, but the ratio is close to 50/50. So far, the market clearly lacks conviction and traders feel disillusioned with the token’s many failed attempts to revive its upward momentum.