XRP up 370% since elections, but could altcoin’s price rally really be over already?

• Regardless of sizeable features since November, the each day chart revealed a bearish value construction
• Lengthy-term holder unrealized revenue/loss metric revealed similarities to the 2021 cycle high

The on-chain indicators behind the sturdy XRP features up to now six months have been blended to date. The provision in revenue was excessive, as anticipated, however the sentiment behind the token was adverse.

The truth is, the web unrealized revenue/loss revealed similarities to April 2021 and this may very well be eerie for the bulls.

Supply: XRP/USDT on TradingView

The altcoin’s 1-day value motion confirmed a bearish construction on the each day chart. This shift, highlighted in purple, occurred per week in the past when XRP slipped under the $2.19-level. Since dropping to $1.9, the altcoin has rebounded to check the $2.45-level as resistance.

This stage occurred to be the 50% retracement stage of the transfer from $2.99 to $1.9. The rejection at $2.45 over the weekend highlighted the bearish stress on the coin. Subsequently, regardless that XRP has been up 370% for the reason that U.S. Presidential Elections, sellers have had the higher hand.

Excessive community exercise boosts XRP investor morale

Supply: Santiment

Knowledge from Santiment underlined some positivity for buyers. The overall provide in revenue has been falling alongside the value since January. Nevertheless, it was nonetheless considerably greater than ranges it had been at in October and November 2024.

The weighted sentiment, which tracks social media engagement associated to XRP, was adverse. It has been adverse over the previous three months, with only some spikes of constructive engagement.

The each day energetic addresses shot skywards in March. Though the numbers have receded considerably, it was a lot greater than current months. The transaction quantity developments remained just like the previous three months.

Supply: Glassnode

Whereas Santiment’s metrics confirmed hike in on-chain exercise and potential demand, the long-term holder web unrealized profit-loss (LTH NUPL) highlighted euphoria/greed available in the market. Over the previous few months, the metric has been hovering simply above the 0.75-level.

Right here, the NUPL measures the distinction between unrealized income and unrealized losses amongst holders whose tokens are no less than 155 days outdated. Constructive values indicate that buyers are, on common, worthwhile. A worth of 0.75 meant that 75% of the market capitalization was in revenue.

In the summertime of 2021, the metric rose above 0.75 and marked the cycle high for XRP. In 2017, the metric surged past 0.9 and stayed there for weeks. Nevertheless, again then, it was additionally a a lot youthful asset.

XRP may need made its cycle high already. Traders ought to be trying to money out their holdings partially in case the market begins to show and sustains a downtrend for the following two years.