Seasoned Traders Exiting XRP – U.Today

According to data provided by the analytical company Glassnode, seasoned XRP traders are come out and adding pressure to the token’s price action.

This assumption is based on the fact that long-term holders of the token have increased their spending by a whopping 580%.

“Volume sold” is a Glassnode metric, which shows the total volume of crypto that has been sold over a certain period of time. In particular, the metric also highlights the different age cohorts, making it rather insightful for those who want to determine the source of sales activity.

As reported by U.TodayXRP has also recently made substantial progress in terms of payment volume.

The token is currently changing hands at $2.50, according to CoinGecko data. That’s down 31.5% from the all-time high of $3.65 it hit four months ago. Despite the significant correction, it remains in fourth place for the market.

Possible catalyst

As reported by U.TodayCanary Capital could be on the verge of launching the first XRP exchange-traded fund in the United States. It could start trading from November 13.

Depending on the success of its launch, the price of the Ripple-linked token could receive a major boost.

However, it remains to be seen whether the impact of the first XRP ETF to launch in the US will be strong enough to offset the persistent selling by seasoned traders.

A bit bullish

CoinGlass data shows that XRP 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.