Concerns over US President Donald Trump’s “Greenland” tariffs have shaken global financial markets and caused a pullback in the cryptocurrency market.
Bitcoin (BTC) fell below $90,000, while Ethereum (ETH) and major altcoins also experienced significant pullbacks.
ETH fell 10% to below $3,000, while XRP dropped 2% to $1.9; BNB fell 4% to $880; and Solana (SOL) dropped 3% to $128.
Amid these sharp declines, bearish rhetoric has begun to emerge for XRP. At this point, according to recent analyses, XRP’s on-chain metrics resemble the bear market pattern of 2022.
XRP is Experiencing a Bear Market Pattern Similar to 2022!
According to Glassnode analysis, XRP’s on-chain indicators are exhibiting a pattern similar to the period immediately preceding the 2022 bear market decline. This is intensifying selling pressure on XRP.
Glassnode stated that new investors who entered the market in the last week to month are in profit zone, but those who invested six to twelve months ago are at a loss.
This situation has resulted in a profit for those who bought recently, while long-term investors are at a loss.
The cost-price difference among investors can put increasing pressure on the market over time. At this point, if prices do not rise further, short-term investors may take profits and loss-making investors may sell simultaneously.
The analytics firm reported that a similar pattern was observed in XRP in February 2022, when XRP was trading at $0.78 and had fallen as low as approximately $0.30 during the year.
Glassnode also stated that $2 is critical for XRP, as XRP has been facing repeated resistance at the $2 level for a long time.
According to Glassnode data, each retest of the $2 level since mid-2025 has resulted in weekly losses of approximately $500 million to $1.2 billion.
This situation suggests that the $2 level is being used not as a zone for new purchases, but as an exit point for existing investors.
Glassnode also added that the selling pressure pattern in XRP does not necessarily mean it will lead to a sharp decline like the one seen in 2022.
Currently, XRP is caught between renewed demand from short-term buyers and an oversupply stemming from long-term investors seeking an exit strategy.
*This is not investment advice.