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The current XRP market picture mirrors the structure of 2022
Analysts at Glassnode published observations noting that XRP is repeating a market structure seen in early 2022.
Investors who were active in the 1-week to 1-month cohort are now accumulating assets below the cost basis set by the 6–12 month holder group. As long as this structure persists, psychological pressure on leading buyers will continue to increase, Glassnode wrote.
The chart confirms a rotation of supply, rather than aggressive distribution, as new participants absorbed liquidity while longer-term holders remained at a loss.
Such configurations often form during extended consolidation periods, when spot prices move within a narrow range and volatility remains low.
In previous cycles, similar conditions coincided with prolonged periods of indecision.
Glassnode data
Glassnode analysts suggest that as this structure develops, sustained psychological stress among leading buyers may shape behavior well before price action responds.
The $2 level remains an important psychological zone for Ripple holders. Since the beginning of 2025, each time XRP tested the $2 level, investors incurred losses ranging from $0.5 billion to $1.2 billion per week.
Comparable conditions in previous XRP cycles preceded both sharp declines and renewed rallies, depending on liquidity and sentiment in cryptocurrency markets.
See also: "Whales Quietly Accumulate 210 Million ADA. How Will This Affect the Altcoin’s Price?"
