Although XRP has recorded notable losses after the broad crypto market returned to a bearish zone in response to persisting macroeconomic pressures, a larger portion of the total number of XRP in circulating supply is still in profit, according to data from on-chain analytics platform, Glassnode.
XRP still bullish amid market odds
The data shows that up to 86.3% of XRP currently in circulating supply has remained in profit despite failing to sustain the recent bull run that saw its price reach a peak of $2.61 on May 14.
This means that the current price of XRP is higher than the price at which investors initially purchased their assets.
This crucial profit metric, which surged decently from its level in the past month, signals a bullish momentum for XRP. As such, it appears that investors’ confidence in XRP’s potential has remained unwavering despite recurring crypto market corrections.
Following the recent conclusion of XRP’s legal battle with the Securities and Exchange Commission (SEC), the third largest cryptocurrency by market capitalization has become the buzz of the crypto ecosystem, with investors carefully monitoring its on-chain movement and remaining optimistic about its future potential.
Amid this bullish momentum, XRP has also noted a substantial surge in its on-chain volume, showing a notable increase of 21.7% over the last day.
While this metric keeps track of all XRP’s on-chain activities including transfers, payments, and transactions conducted directly on the blockchain, it does not track XRP-based transactions conducted on centralized exchanges.
The surge in XRP’s on-chain volume highlights a substantial increase in the adoption of the token’s use cases. Per the data, XRP’s on-chain volume stands at 1,084,098,384 as of May 28.
On the other hand, the high increase in XRP’s on-chain volume might indicate that holders are moving tokens to exchanges to sell, as the sudden fall in XRP’s price over the last day might have triggered investors, especially retailers, into panic selling.
As of writing time, XRP is trading at $2.24, a price decline of 3.60% since the last day according to data from CoinMarketCap.
