Key takeaways:XRP’s rally to $3 has pushed 94% of provide into revenue, a stage that traditionally marked macro tops.XRP is within the “perception–denial” zone, onchain metrics present, echoing peaks in 2017 and 2021.XRP’s (XRP) rally to over $3 has pushed almost 94% of its circulating provide into revenue, Glassnode information reveals. As of Sunday, XRP’s % provide in revenue was 93.92%, underscoring robust investor good points because the cryptocurrency rallied by greater than 500% up to now 9 months to $3.11 from beneath $0.40. XRP % provide in revenue. Supply: Glassnode90%> provide in revenue is often an XRP macro topSuch excessive profitability has traditionally signaled overheated circumstances. In early 2018, over 90% of holders have been in revenue simply as XRP peaked close to $3.30 earlier than a 95% value reversal. An analogous setup appeared in April 2021, when profitability ranges above 90% preceded an 85% crash from the highest close to $1.95.XRP % provide in revenue. Supply: GlassnodeThe broad profitability underscores robust investor good points, which usually heightens the danger of distribution as merchants might search to understand income. An analogous state of affairs might be unfolding now.XRP’s NUPL mirros 2017 and 2021 value peaksXRP’s Internet Unrealized Revenue/Loss (NUPL) is additional signaling high dangers.The indicator, which tracks the distinction between unrealized good points and losses throughout the community, has entered the “perception–denial” zone, a section traditionally noticed earlier than or throughout market tops. XRP internet unrealized revenue/loss (NUPL). Supply: GlassnodeFor instance, in late 2017, XRP’s NUPL spiked to comparable ranges simply as XRP value peaked above $3.30. A comparable sample unfolded in April 2021, when NUPL readings above 0.5 coincided with XRP’s high close to $1.95 earlier than one other sharp downturn. The present trajectory suggests traders are closely in revenue however not but in full “euphoria.” However the threat of profit-taking and distribution will intensify if NUPL rises towards greed ranges for the primary time since 2018.XRP would possibly soak up potential promoting strain and keep away from a deeper correction under $3 if it may possibly entice contemporary inflows, pushed by institutional demand and broader altcoin momentum.XRP’s basic bearish setup dangers 20% drop XRP value is consolidating inside a descending triangle after rising above $3. The sample, sometimes bearish, is outlined by decrease highs in opposition to horizontal help close to $3.05. Earlier this month, XRP briefly broke under the help in a fakeout, solely to rebound again contained in the construction. XRP/USD four-hour value chart. Supply: TradingViewThe strain from repeated retests of the decrease trendline raises the danger of a decisive breakdown. A confirmed transfer under $3.05 may set off a sell-off towards $2.39 by September, down about 23.50% from present value ranges.Associated: Is $30 XRP value an actual risk for this bull cycle?Alternatively, the bulls should break above the descending resistance line to regain upside momentum and invalidate the bearish setup. Many consider that the XRP value may rise to $6 on this state of affairs. This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.