XRP's recent trend reminds me of the situation back in 2022.

Looking at on-chain data, the current market structure is very similar—new buyers are making money, while those long-term retail investors who entered six months to a year ago are still at a loss.
This kind of divergence is quite dangerous because once the price stalls, long-term holders are likely to be forced to cut their losses.

According to some on-chain analysis data, XRP repeatedly tests the $2 level, each time accompanied by hundreds of millions of dollars in losses.
Obviously, many people here are not looking to add to their positions but are trying to find opportunities to cut losses.
Going back to 2022, XRP also experienced a similar imbalance in holdings around $0.78, followed by several months of continuous decline, with the price dropping to around $0.30.

The current situation is that XRP is trapped at this psychological barrier of $2, with new traders floating profits and veteran traders waiting to exit.
As long as the price doesn’t continue to rise, this pressure will only grow stronger.
Based on mid-2025 data, every time the price approaches $2, there are weekly losses of $500 million to $1.2 billion, indicating that holders' mentality has shifted from greed to seeking stability.
This doesn’t necessarily mean a repeat of the 2022 crash, but the longer this divergence in buying costs persists, the greater the pressure on those who entered at higher levels.