Just saw on-chain XRP data – realized losses this week reached $1.93 billion, which is the largest since about 39 months ago in 2022. Back then, after a capitulation like this, XRP rose 114% over 8 months. So this could be a signal that sellers are exhausted.

The price dropped from $1.36 to $1.33 with high volume, so this is aggressive selling, not just thin liquidity. Currently, the ledger price is at $1.35 level, acting as resistance, along with the $1.40-$1.41 zone that continues to hold back the rally.

What’s interesting is that such large realized losses require buyers ready to take positions. Usually, during capitulation, coins shift from emotional traders to long-term holders with stronger conviction. If the 2022 pattern repeats, this could serve as a foundation for recovery. But we still need to see if spot demand remains stable or if selling pressure increases again next week. The macro context remains uncertain, so a full recovery cannot be confidently expected yet.