XRP hodler conviction has increased despite the cryptocurrency struggling to maintain its price above the pivotal $1.30 mark.
Specifically, data from Glassnode shows that the XRP Holder Net Position Change metric reached 189,903,498 XRP, its highest level in one month.
The increase represents a notable recovery from the near-zero reading recorded earlier in October and suggests that long-term holders are accumulating more XRP despite the continued pressure on its price.
XRP Hodler Accumulation Reaches a One-Month High
Glassnode’s XRP Holder Net Position Change tracks the 30-day net change in the amount of XRP held by long-term wallets.
When the reading rises, it indicates that these holders are adding more XRP than they are selling or moving out of their wallets. On the other hand, a falling reading suggests that long-term holders are reducing their positions and returning coins to circulation.
The latest increase is noteworthy because XRP has struggled to regain upward momentum. On Oct. 26, the metric reached 189,903,498 XRP, its highest reading in a month.
This marked a massive recovery from the low of just 1,052,427 XRP recorded on Oct. 13. The change suggests that long-term holders have started adding to their positions again while XRP continues to trade below $1.30.
XRP Hodler Net Position Recovers from October Lows
The metric’s recent movements show how long-term holder activity has changed over the past few months.
Following XRP’s mid-August rally, the XRP Holder Net Position Change reached 276 million XRP on Aug. 8, indicating strong accumulation at the time. However, the reading later fell to 220 million XRP by Aug. 27 before recovering to 232 million XRP on Sept. 13.
The recovery did not last. Starting on Sept. 13, the metric fell, dropping from 232 million XRP to 190 million XRP in a single day. The decline continued throughout the rest of September and into October, eventually bringing the reading close to zero.
On Oct. 13, the metric reached a low of 1,052,427 XRP. At that point, long-term holders were showing very little net accumulation or distribution. XRP traded at $1.37 on the same day, marking a period of weak activity among these investors before the indicator began to recover.
Long-Term Holders Add XRP as Prices Remain Weak
The Holder Net Position Change began recovering after hitting its Oct. 13 low, even as XRP’s price continued to fall. By Oct. 17, the metric had climbed to 96 million XRP, while XRP traded at $1.30.
The increase then slowed, with the reading staying around 90 million XRP through Oct. 24. However, accumulation picked up again that day, pushing the metric above 113 million XRP. It then surged to 188 million XRP on Oct. 25 before reaching 189.9 million XRP on Oct. 26.
During this period, XRP continued to struggle between $1.28 and $1.30, occasionally falling below that range on Oct. 25 and 26. At press time, XRP currently trades at $1.2921. This shows that long-term holders have been adding XRP even as the market continues to struggle to push the price higher.
XRP Hodler Conviction Could Affect Available Supply
In the past, similar XRP hodler patterns have sometimes appeared before market recoveries. When long-term holders accumulate more XRP, fewer tokens may remain readily available for sale. If this trend continues, a smaller available supply could help prices rise when buying demand improves.
However, the increase in accumulation does not guarantee an immediate price recovery. XRP’s continued struggle to stay above $1.30 shows that sellers still have a strong influence on its short-term performance.