Since mid-December, XRP’s NUPL has hovered between 0.55 and 0.65, squarely in the denial zone.
Even as XRP’s price fell from above $3 to around $2, long-term holders have not significantly reduced their exposure. This reluctance to sell suggests investors are holding onto the belief that bullish momentum will return, despite signs of fading euphoria.
One of the key drivers behind this optimism is growing anticipation for a spot XRP exchange-traded fund (ETF). Several major firms—including Bitwise, WisdomTree, and Grayscale—have filed for spot XRP ETFs, with critical deadlines fast approaching.
Grayscale’s application faces a decision by May 22, 2025.
Whale Accumulation Supports Long-Term Outlook
Despite recent price weakness, the steady accumulation by large XRP holders, or “whales,” adds to the bullish narratives.
Glassnode data shows that the number of XRP addresses holding at least 10,000 XRP has climbed to record highs, surpassing 290,000 addresses. This rise in large holders—occurring even as price retraced from its peak—signals that high-net-worth investors are buying the dip rather than exiting their positions.
