81.6% of XRP Supply in Profit, But Korean Traders Turn Bearish — Here's Why

81.6% of XRP Supply in Profit, But Korean Traders Turn Bearish — Here's Why

XRP has faced significant challenges in maintaining bullish momentum since hitting a cycle peak of $3.40 on January 16, 2025. Despite the altcoin’s recent downturn, which saw a 46% drop over the past three months, 81.6% of XRP’s circulating supply remains in profit, according to Glassnode data. Although this figure is down from a year-to-date high of 92%, it underscores the retention value among XRP holders despite the recent market corrections.

Percentage Supply in Profit for XRP, BTC, SOL ETH, TRX. Source: X.com

In comparison, only Tron (TRX) boasts a higher percentage of profitable supply at 84.6%, while Bitcoin (BTC), Ether (ETH), and Solana (SOL) show profit supply percentages of 76.8%, 44.9%, and 31.6%, respectively.

However, the positive profit statistics seem at odds with the shifting sentiment in key trading regions, particularly in South Korea, where XRP traders are becoming increasingly bearish. Traders on exchanges like Upbit played a critical role in pushing XRP prices back above $2 after it dipped below that level in early February, reaching $2.89 by February 13. But recently, bearish signals are beginning to emerge.

XRP selling on Korean markets. Source: X.com

According to market analyst Dom, Korean XRP traders have executed 1.4 million trades on the XRP/KRW pair between April 6-7, with 62% of those trades being sell orders. This resulted in a net sale of $120 million in XRP, signaling a shift in sentiment. This data highlights an increasing trend of heavy selling, especially from long-term whales and new investors, with retail confidence in XRP continuing to decline.

Moreover, XRP’s technical charts suggest a bearish market structure. The cryptocurrency recently lost its $2 support level, dipping to a new yearly low of $1.61 on April 7, before briefly reclaiming the $2 level on April 9. If XRP fails to sustain the $2 level, it could face further declines, with the key demand zone between $1.63 and $1.27 likely to become an accumulation area.

XRP 1-day chart. Source: TradingView

As XRP looks to close its daily candle below its 200-day moving average (represented by the orange line on the chart), analysts predict a prolonged correction period could unfold over the next few weeks.