XRP is currently trading above $2, reflecting a more than 300% gain for early investors, which has led to a surge in profit-taking. On-chain data reveals that realized profits from XRP wallets reached $68.8 million, signaling distribution pressure as the token nears key resistance levels just below its 2021 peak. Although XRP has experienced one of the strongest rallies among major cryptocurrencies over the past eight months, early holders are cashing out their profits. Despite positive regulatory developments and Ripple's expansion in tokenized asset infrastructure, XRP struggles to break above $2.20 due to a supply overhang from long-term holders. The cryptocurrency market overall appears to be stagnant, as a recent analysis shows a negative $36 billion difference in buy/sell quote volume for altcoins, highlighting a lack of investor interest. Unless capital flows back into Layer 1s, DeFi, and gaming, hopes for an altseason may remain dim through the summer.

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