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Ripple’s XRP remains among the top five cryptocurrencies by market capitalization, but it has recorded one of the steepest drawdowns over the past 24 hours, falling 9%. At press time, XRP traded at $1.50, as market sentiment suggested the sell-off may not be fully resolved and momentum for a potential recovery has been slowing.
Despite the recent weakness, XRP’s fundamentals remain strong, with continued accumulation by long-term holders. CoinMarketCap reported that the total number of XRP holders reached 507,110 as of February 16, a new all-time high. The growth in holders—particularly during fragile market conditions—was cited as evidence of sustained underlying demand.
Over the past seven months, XRP has declined 58.9% from its all-time high of $3.66, but holder growth has continued, reinforcing the view that long-term investor participation remains intact.
Institutional confidence also remains evident. In a post on X, the chairman and president of SBI Holdings Inc., a major Japanese financial conglomerate, said the firm maintains a 9% stake in Ripple Labs, the company behind XRP. He stated: “When it comes to Ripple Labs’ total valuation, which includes the entire ecosystem Ripple has built, that would be enormous. SBI owns more than 9% of that.”
While fundamentals are described as solid, XRP’s near-term underperformance has been attributed primarily to derivatives market activity. Short sellers have been positioning aggressively for downside, with liquidations among bullish traders totaling approximately $13.5 million.
CoinGlass data showed a contraction in available capital alongside an increase in short contracts. As the price declined, capital in XRP’s perpetual market dropped $245.7 million, and Open Interest is reported at $2.6 billion. The Open Interest-Weighted Funding Rate fell to 0.0101%, indicating that bearish positions are currently favored.
According to the article, this setup suggests continued pressure from perpetual traders could weigh on XRP in the near term, even as long-term fundamentals remain supportive.
Chart analysis in the article did not identify a clear bullish or bearish trend yet, but it highlighted that the next price moves could determine direction. With bearish pressure present, XRP could test a lower demand zone referenced in the article before attempting to challenge a descending resistance line.
If bullish momentum returns, the token may rally toward a recent wick low of $1.67, formed on February 15. If selling pressure persists, the article said XRP could break below the descending channel and potentially trend toward $1.11.
On a broader basis, XRP is described as remaining within a descending channel. While the pattern reflects ongoing selling pressure, it is traditionally considered bullish if the price breaks above the upper resistance zone, signaling a potential reversal.
Overall, the article concluded that XRP’s fundamentals remain solid, supported by holder growth to a new high above 507,110. At the same time, it said perpetual trader activity appears to be the dominant factor behind recent declines, with capital tilting toward bearish positions.
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