According to data provided by analytics firm Glassnode, seasoned XRP traders are exiting and adding pressure to the token's price action.
This assumption is based on the fact that the long-term holders of the token have ramped up their spending by a whopping 580%.
"Spent volume" is a Glassnode metric, which shows the total volume of crypto that has been sold over a certain period of time. Notably, the metric also highlights different age cohorts, making it rather insightful for those who want to determine the source of selling activity.
As reported by U.Today, XRP also recently took a substantial hit in terms of payment volume.
The token is currently changing hands at $2.50, according to CoinGecko data. It is down 31.5% from the all-time high of $3.65 that was logged four months ago. Despite the significant correction, it remains in fourth place by market cap.
Possible catalyst
As reported by U.Today, Canary Capital might be on the verge of launching the very first spot XRP exchange-traded fund in the US. It could start trading as early as Nov. 13.
Depending on how successful its launch is going to be, the price of the Ripple-linked token could receive a major boost.
However, it remains to be seen whether the impact of the first spot XRP ETF launching in the US will be strong enough to offset persistent selling by seasoned traders.
Slightly bullish
CoinGlass data shows that XRP’s derivatives market sentiment remains rather bullish, but the ratio is close to 50/50. For now, the market clearly lacks conviction, and traders feel disillusioned by the token's multiple failed attempts to revive its bullish momentum.
Dan Burgin
Vladislav Sopov
