XRP demonstrated resilience with a price rebound, despite broader market volatility and a decline since January. The meme-inspired cryptocurrency was up more than 3% in the past 24 hours and was changing hands at $2.21 on Thursday. Though it plunged to $1.68 in early April after national shut downs began, the price level quickly recovered. I mean, it rocketed up nearly 40% in under three weeks!
While capital influx into XRP has declined since February, investors from last year's peak remain in profit on average, according to data from Glassnode. This indicates a strong, if quiet, perseverance and support for the cryptocurrency, as it bustles through crypto winter.
As far as its original goals, XRP has had an up and down track record against other crypto assets. Since Donald Trump’s January inauguration, XRP is down 32%, a relatively strong performance given declines across the broader cryptocurrency market. As a result, Solana investors’ losses were 28% less than all XRP investors’ losses. At the same time, Ethereum buyers were down 36% relative to XRP.
Although XRP has dropped overall since January, current investors who bought during the peak bubble last year are still in the green on average. Data from Glassnode supports this observation. Its impressive feat of keeping short-term holders in profit reinforces its value and potential for long-term appreciation.
Options traders are betting with optimism, piling up calls that XRP will end the month above $2.2. Crypto wagerers are betting on a 51% probability that XRP doesn’t finish up high in May. In fact, open interest in XRP longs has tripled that of shorts.
Glassnode’s realised price by age is a good way to track XRP. This metric provides highly useful context to profitability by investor cohort. This metric is crucial in assessing the changing dynamics of XRP’s market behavior and investor sentiment.
