Cryptocurrency enthusiasts and investors, take note! XRP, a leading altcoin by Ripple, is demonstrating fresh bullish momentum. Currently trading around $3.10, the token has risen 2.8% in the last 24 hours and 3.2% over the past week. Could this be the start of a rally pushing XRP to a new all-time high of $3.75? Let’s break down the key metrics driving this surge.
Long-Term Holders Signal Confidence
One key factor boosting XRP’s price action is the reduced activity among long-term holders. The Spent Coins Age Band, which tracks how many older coins are being sold, shows a significant drop. On September 16, long-term holders in the 180–365 day cohort moved approximately 12.59 million XRP. Just two days later, this figure plummeted to 118,000 XRP—an astonishing 99% decrease. The implication? Long-term investors, who’ve enjoyed over 430% gains in the last year, are holding onto their coins in anticipation of further price increases.
New Buyers Enter the Market
While seasoned holders stay put, new investors are making their move. Data from HODL Waves reveals a growing proportion of XRP supply held by short-term investors:
- The 1-week to 1-month cohort increased from 2.61% on September 7 to 4.88% by September 17.
- The 1-3 month category grew from 8.97% in mid-August to 11.12% by mid-September.
This influx of new buyers is creating a healthy balance between market conviction and fresh demand, helping to stabilize and support current price levels.
Technical Analysis: What’s Next for XRP?
On the technical front, XRP is testing a critical level at $3.21, the neckline of an inverse head-and-shoulders pattern, a classic bullish setup. A daily close above this point would confirm a breakout, with a price target of $3.75—a 21% rise from the current level.
Key support levels to monitor include $2.94 (near the right shoulder) and $2.69 (the head of the pattern). A breakdown below $2.69 would invalidate the bullish scenario. However, if XRP clears $3.21 decisively, combined with reduced selling pressure and robust short-term demand, it could propel the token to its strongest price ever.
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Disclaimer: This content is for informational purposes only and does not constitute financial or investment advice. Always conduct thorough research and consult professionals before making financial decisions.
