XRP has struggled to find sustained bullish momentum since reaching its cycle peak at $3.40 on Jan. 16, 2025. XRP (XRP) dropped as much as 46% over the past three months, but despite its recent drawdown, Glassnode data indicates that 81.6% of XRP’s current circulating supply remains in profit.

While the profit supply percentage is down from its year-to-date high of 92%, the data set highlighted the retention value for holders despite the recent corrections.

Percentage Supply in Profit for XRP, BTC, SOL ETH, TRX. Source: X.com

Currently, only Tron (TRX) has a higher profitable supply with 84.6%, while Bitcoin (BTC), Ether (ETH) and Solana (SOL) exhibited 76.8%, 44.9% and 31.6%, respectively.

Analyst says Korean XRP traders are bearish

Data shows traders in Korea played a significant role in buying the first XRP dip below $2 on Feb. 3. Investors on Upbit and Bybit exchange filled their bids below $2, pushing the altcoin’s value back to $2.89 on Feb. 13.

However, the sentiment has flipped over the past few days. Anonymous market analyst Dom pointed out that Korean traders executed 1.4 million trades on the XRP/KRW pair, with 62% being sell orders, resulting in a net sale of $120 million in XRP between April 6-7.

XRP selling on Korean markets. Source: X.com

The data follows a trend of heavy selling from long-term whales and new investors as “retail confidence” in XRP continues to slip. Last week, Cointelegraph reported over $1 billion in positions being offloaded at an average price of $2.10

Related: XRP price gains 13% after Trump 90-day tariff pause and XXRP ETF launch

XRP’s higher time frame (HTF) chart lost its $2 support, dropping to a new yearly low of $1.61 on April 7, but the altcoin managed to reclaim this critical level on April 9. Even if XRP holds the $2 level, the price reflects a bearish market structure on multiple time frames.

XRP 1-day chart. Source: Cointelegraph/TradingView

As illustrated in the chart, XRP will potentially close a daily candle below its 200-day moving average (orange line), leading to a prolonged correction period over the next few weeks. The key demand zone remains between $1.63 and $1.27 (blue box), where a period of accumulation might unfold for the altcoin.

Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.