Long-term XRP holders have spent five straight months accumulating the token, but the weak price action suggests the market has yet to treat it as a bullish signal.
XRP traders are buying the dip
The net change in XRP holder position has remained positive for five consecutive months, according to Glassnode dataSuggesting that long-term investors have continued to add to their balances despite the broader downward trend for the token.
The metric tracks the net monthly change in supply held by long-term holders of XRP. Positive readings usually indicate accumulation, while negative readings usually indicate distribution. Since early 2026, the scale has remained above zero, with recent monthly inflows appearing near the 150 million to 250 million XRP range.
The current line resembles the pre-bullside accumulation phase seen before the XRP breakout in November 2024.
At that time, the net change in bondholder positions remained positive while the price remained low, suggesting that long-term investors were digesting supply before the market repriced higher. Once XRP rose, the gauge turned sharply negative, indicating that some holders of the coin were aggressively sold off.
ETFs contribute to the demand for XRP
Spot XRP ETFs may also contribute to the accumulation trend.
SoSoValue data He appears XRP exchange-traded funds recorded $118.29 million in net inflows in May, with total net assets near $1.12 billion. At an XRP price of around $1.33, May inflows would mean roughly 89 million XRP of demand from ETF products.
This means that ETF-related buying can account for a significant share of new holder accumulation. However, Glassnode’s holder metric does not isolate ETF portfolios, making it difficult to determine how much of the positive change in net position came directly from custodial addresses.
As a result, the five-month XRP accumulation line likely reflects a combination of ETF demand, long-term holder buying, and broader supply absorption.
The price of XRP is still at risk of collapsing below $1
The technical structure of XRP remains fragile, with the token consolidating within a symmetrical triangle since February.
This pattern formed after a broader decline from the 2025 XRP highs. This is important because symmetrical triangles often act as continuation structures when they appear after a strong directional move. In the case of XRP, the previous move was lower, keeping the risk skewed towards a downside breakdown.
XRP is now trading near the lower border of the triangle, around the $1.30-1.35 area. A decisive daily close below this support could confirm a breakout and open the door to a measured move towards $0.99.
The downside target comes from the maximum height of the triangle, projected from the potential breakout point. It is also in line with the $1 psychological level, which could become the next major support area if selling pressure accelerates.
Momentum indicators did not show a strong upward reversal either. XRP remains below its 20-day (green), 50-day (red), and 200-day (blue) EMAs. The daily RSI is near 40. This indicates weak demand, but not the kind of oversold condition that often precedes a sharp rise.
The macro backdrop also remains challenging for crypto assets.
The broader market is facing difficulties under the pressure of the war between the United States and Iran, high oil prices, and renewed fears of inflation. Oil-led inflation risks have lowered expectations for a rate cut by the Federal Reserve, while some traders are starting to consider the possibility of policy tightening by early 2027.
This environment has historically affected speculative assets. Cryptocurrency markets tend to perform better when liquidity conditions improve and price expectations decrease. The opposite situation – flat inflation, rising yields and fading hopes for lower interest rates – usually limits bullish attempts.
