Data from Glassnode shows XRP is the only high-caliber asset that remains profitable for holders who bought in the last three to six months.
Since this year, the cryptocurrency market has suffered from jet lag, failing to replicate its meteoric rise in the closing stages of 2024. While Bitcoin and XRP trade close to their opening prices, other altcoins have slumped deeper.
Particularly, XRP has relinquished all its over 35% gains when it rallied to $3.399 in January but is currently up 2% year-to-date. Moreover, recent data suggests it remains profitable to users who have held it for three to six months.
XRP Resilient Despite Market Uncertainties
The Glassnode data, shared in a Tuesday tweet, compared the current prices of four major cryptocurrencies to the cost basis of buyers during the bullish run-up between December and January. The analysis highlighted the mid-term sentiment in the crypto market, drawing reference from portfolio performances of holders between three and six months old.
Notably, the data disclosed that addresses holding major digital assets within this timeframe are nursing considerable losses, except for XRP. This underscores the resilience of the fourth-largest cryptocurrency by market cap, despite unfavorable market conditions.
For perspective, Solana, at $146, trades 28% below the 3-6 month realized price by age trendline, signaling substantial losses for these mid-term holders. Meanwhile, Ethereum looks weaker, with its $1,800 price trending 36% below the average buyer price for this caliber of holders.
Furthermore, while Bitcoin trends slightly below the cost basis at $95,000, it has shown more width than Ethereum and Solana. Moreover, its recent rally past $96,000 could have ensured that 3-6-month-old buyers are now profitable.
Nonetheless, XRP has maintained a mid-term positive momentum, with buyers between December and January in an unrealized profit of at least 11%. The profitability not only diminishes selling pressure among mid-term holders but also presents XRP as a choice asset for new users.
XRP Against 3m-6m Realized Price
General Market Momentum Shows Weakness
Meanwhile, Glassnode emphasized that market trends below the three to six-month cost basis suggest inherent market weakness. The analysis insinuated that the failure to break above mid-term highs indicates a lack of bullish momentum.
Notably, crypto leader Bitcoin, currently facing resistance above $97,000, has remained largely unpredictable. Despite a strong 12.7% rebound from April’s lows, the premier crypto asset has yet to sustain bullish traction as seen during the November and December rallies.
Nonetheless, the asset might be poised to reclaim $100,000 with whales resuming accumulation. For context, Santiment shows that wallets holding between 10 and 10,000 BTC have accumulated 81,338 BTC over the past six weeks as optimism of higher prices intensifies.
Furthermore, with macroeconomic headwinds slowly turning to tailwinds, Bitcoin and the crypto market could rebound extensively. For instance, progress from the US-China trade talks and imminent quantitative easing could catalyze a surge to unprecedented prices.
