XRP’s price has recently displayed renewed vigor, trading at around $3.10, marking a 2.8% increase in the last 24 hours and a 3.2% rise over the previous week. This uptick coincides with the formation of a significant technical pattern often associated with bullish reversals, which, if confirmed, could push XRP toward an all-time high of approximately $3.75, surpassing its previous peak reached just two months ago.
One of the most compelling signals of this newfound strength can be seen in the Spent Coins Age Band metric, which reflects the dynamics of old coins being sold on the blockchain. Observations from September 16 indicated that long-term holders from the 180-365 day group sold around 12.59 million XRP. However, just two days later, that figure plunged dramatically to 118,000 XRP, representing a staggering 99% drop.
This trend is noteworthy, especially considering XRP’s impressive gain of over 430% in the past year. Long-term investors who have held onto their coins are currently opting not to sell, a behavior that may suggest confidence in reaching even higher price levels in the future.
Further insights are revealed through HODL Waves data, which illustrate supply held across different age groups. A noticeable increase of new buyers was recorded, with the 1-week to 1-month cohort expanding from 2.61% to 4.88% within a week. Similarly, the 1-3 month group grew from 8.97% in mid-August to 11.12% by September 17. This indicates that while older holders maintain their positions, there is active participation from short-term investors, establishing a balance between seasoned conviction and emerging demand.
From a technical perspective, XRP is nearing a critical resistance level at $3.21. This “neckline” of the inverse head-and-shoulders pattern is crucial; a daily close above this figure would validate the bullish reversal, with breakout targets suggesting a surge to about $3.75—approximately a 21% increase from current prices.
For support levels, XRP seems to have a strong anchor around $2.94, coinciding closely with the right shoulder of the pattern. However, if the price were to fall below $2.69, which represents the head of the formation, it would negate the bullish outlook.
Should XRP successfully breach the $3.21 threshold, the confluence of diminishing selling pressure, heightened short-term demand, and a bullish chart configuration could propel the cryptocurrency to unprecedented levels, signaling a potentially significant new chapter for XRP investors.
