The XRP price approaches a rally potential, showing a 5% recovery in the last 24 hours. The asset is trading near $2.46, although it remains down 18% over 30 days. New on-chain data from Glassnode suggests that selling pressure is decreasing dramatically, while short-term traders accumulate.
Data from the Glassnode platform is revealing. The “Hodler Net Position Change” metric indicates a shift in investor behavior. Long-term holders (LTHs) reduced their selling by over 82%. Specifically, LTH selling fell from -18.57 million XRP (Oct 16-17) to just -3.28 million on October 19. This sharp slowdown suggests that veteran investors expect a recovery.
Simultaneously, the “HODL Waves” analysis shows an opposite trend in another group. Short-term traders (1-week to 1-month cohort) are increasing their exposure. Their share of the total XRP supply grew from 1.94% to 3.97% since October 5. This combination of lower LTH selling and higher short-term accumulation paints a constructive picture for the asset.
The relevance of these movements lies in overcoming technical barriers. The XRP price finally managed to break the key resistance at $2.43. This level had stalled multiple recovery attempts earlier in the month. The behavior of long-term holders is crucial. Generally, their capitulation marks market bottoms, while their retention indicates confidence in future price action.
Can XRP Conquer the $2.59 Resistance?
Technical analysis from TradingView places the next major hurdle at $2.59. This level represents the remaining key resistance and is only 5.4% above the current price. A daily close above $2.59 could validate the breakout. Furthermore, it would open the path toward higher targets at $2.81 and $3.10, based on Fibonacci levels.
However, not all indicators are bullish. The Money Flow Index (MFI) has shown a downward trend since October 6. This indicates weak participation from the retail sector despite the recent gains. For the bullish scenario to fully materialize, greater retail buying activity is needed.
The outlook for XRP is one of cautious optimism. The underlying blockchain‘s structure shows healthy metrics. Nonetheless, the price must stay above the $2.43 support. A break below $2.27 would invalidate the bullish outlook. This would expose the token to potential drops toward $2.08 or even $1.76. Investors are watching to see if retail volume accompanies trader confidence.
