TLDR41.5% of XRP supply (26.5 billion tokens) currently sits at a loss despite price being 4x higher than November 2024 levelsAnalytics firm Glassnode describes market as “structurally fragile” with top-heavy distribution from late buyersTechnical analyst identifies $2.15 as crucial support level, with potential rebound target between $2.40-$2.70Franklin Templeton and Bitwise XRP ETFs launching this week following Canary Capital’s $250 million fund debutXRP trading at $2.14, down 40% from July all-time high of $3.65Ripple’s XRP faces mounting pressure as market data reveals a concerning distribution of underwater holders. The cryptocurrency currently trades around $2.14, marking a sharp decline from its peak performance earlier this year.Analytics firm Glassnode reported Monday that XRP’s supply in profit has reached its lowest point in twelve months. The firm’s data shows that despite the token trading approximately four times higher than its November 2024 price of $0.53, a substantial portion of holders remain in negative territory.The share of XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when price was $0.53.Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers.… https://t.co/CBXPzDalxV pic.twitter.com/UpLNKV7LqD— glassnode (@glassnode) November 17, 2025Market Structure AnalysisThe current market structure points to vulnerability in XRP’s price foundation. Glassnode characterizes the situation as “top-heavy and structurally fragile,” dominated by investors who entered positions at higher price levels.Tony Sycamore, market analyst at IG Australia, explained that many XRP holders likely purchased their tokens when prices exceeded $3.00. These entry points occurred during periods in January, July, August, September, and early October.The 40% selloff from July’s $3.66 high caught both long-term holders and newer market entrants off guard. Long-term investors had expected continued upside momentum, while newer buyers who entered near the highs viewed initial dips as buying opportunities.Sycamore noted that widespread unrealized losses now weigh heavily on market sentiment. The situation raises risks of additional downside pressure as stop-losses and forced sales could intensify selling activity.Recovery prospects depend on XRP establishing momentum above key technical levels. Sycamore identified $2.70 as a decisive level that would need to be reclaimed for bullish sentiment to return.Technical Support LevelsTechnical analyst Ali Martinez highlighted $2.15 as a critical support level in recent market commentary. Martinez suggested that maintaining this level could set the stage for a potential rebound toward the $2.40 to $2.70 range.$2.15 is the line in the sand for $XRP. Hold it, and a move to $2.40–$2.70 becomes likely. pic.twitter.com/u3FTOlNE1F— Ali (@ali_charts) November 17, 2025The analyst’s projection implies a possible 25% surge from current levels if support holds. Martinez’s analysis points to a potential triple-bottom pattern formation, considered a bullish signal in technical analysis.This pattern consists of three lows with a neckline positioned at $2.68. A breakout above this neckline could signal further gains toward the psychological $3.00 level.However, risks remain if XRP fails to maintain the $2.15 support. A breakdown below this level could trigger additional selling pressure, potentially pushing prices toward the year-to-date low of $1.7676.The token has formed a pattern of lower lows and lower highs since July. This technical structure indicates persistent resistance during attempted rebounds.XRP Price on CoinGeckoA death cross pattern emerged on November 6 when the 50-day and 200-day Exponential Moving Averages crossed. XRP has also remained consistently below the Supertrend indicator, adding to bearish signals.Exchange-traded funds represent a potential catalyst for price recovery. Canary Capital launched the first spot XRP ETF on Thursday, achieving strong first-day performance for US ETFs in 2025.Franklin Templeton’s XRP ETF launches Tuesday, joining Canary’s fund which has accumulated over $250 million in assets. Franklin’s larger institutional presence, with over $1.6 trillion in assets under management, could drive additional interest.Bitwise will launch its XRP ETF later this week. JPMorgan analysts project that XRP funds could attract over $8 billion in assets during their first year of trading.Additional market catalysts include Wednesday’s Nvidia earnings report and Federal Reserve minutes release. These events could influence broader cryptocurrency market sentiment and XRP’s price trajectory.The post Ripple (XRP) Price: Technical Support at $2.15 Critical as ETFs Launch This Week appeared first on Blockonomi.