Recently, the price of XRP has climbed from $0.40 to $3.09 within nine months, an increase of over 500%. This significant growth is reflected not only in the price but also in on-chain metrics.

According to data from the blockchain analytics platform Glassnode, 93.92% of XRP's circulating supply is in profit. This proportion aligns with historical market peaks, attracting the attention of market participants.

Looking back at the historical performance of XRP, when the profit supply ratio exceeds 90%, it is often accompanied by significant price adjustments. In 2018, when XRP reached its historical high of $3.30, it subsequently experienced a 95% drop. Similarly, in 2021, when the profit ratio once again broke through the 90% threshold, XRP hit $1.95 and then fell by 85%.

Currently, XRP is showing a similar pattern again, with 94% of the supply in profit, which may indicate that investors are about to face significant selling pressure.

Another indicator worth noting is the Net Unrealized Profit/Loss (NUPL). XRP's NUPL indicator has entered the "Belief-Denial" zone. Historical data shows that whenever the NUPL reaches this level, XRP tends to hit a local peak. In 2017, when the NUPL reached a similar level, XRP set a historical high of $3.30; in 2021, when the NUPL exceeded 0.5, XRP also touched a high of $1.95.

The current NUPL data indicates that while investor sentiment has not fully entered a frenzy, it is already in a quite strong profit zone. If NUPL continues to rise to "greed" levels, it may trigger a large-scale sell-off.

From a technical perspective, XRP is currently in a descending triangle pattern, with support around $3.05. This pattern is typically viewed as a potential signal for a downward trend, and investors need to remain vigilant.

In summary, despite XRP's strong performance recently, multiple market indicators show potential risk signals. Investors should take these factors into account and weigh the risks against the rewards when making decisions.