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- Long-term holders of XRP have taken the recent profit-taking of short-term holders as they continue to accumulate.
- Buyers on top exchanges dominate sellers from early 2025.
- XRP could test the $2.9 resistance after breaking the key symmetrical triangle pattern.
Ripple’s XRP rose 7% on Thursday, extending its rally that began during the New Year’s celebration. If long-term holders (LTH) continue their recent accumulation, XRP could overcome the $2.9 resistance level and aim for a new all-time high.
XRP activity on the chain shows long-term holders and dominance of buying pressure
After XRP’s 12% price jump on Wednesday, investors booked over $1 billion, the biggest gain since December 16.
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Realized profit/loss of the XRP network. Source: Sentiment
Profits were mostly made by investors holding XRP over the past 90 days, as indicated by the jump in the Dormant Circulation (90d) metric. However, long-term holders have taken a somewhat opposite stance, accumulating selling pressure from those short-term holders as reflected by an increase in the coin’s median age metric.
The Mean Coin Age metric measures the average time that all XRP tokens have remained at their current address. As seen in the graph below, the rise indicates that accumulation is dominant over distribution.
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XRP inactive circulation and mean coin age. Source: Sentiment
XRP’s net flow and volume on the top crypto exchanges over the past 24 hours shows a similar trend, with Binance, OKX, Bitstamp and Bybit all showing net outflows. The only net inflow was recorded in Coinbase. Net outflows in the stock market show that buying pressure is dominant and vice versa for net inflows.
XRP 24 hour volume and net flow. Source: Coinglass
Meanwhile, with pro-crypto Paul Atkins set to take over as chairman of the United States Securities and Exchange Commission (SEC) on January 20, the agency is unlikely to pursue an appeal of Judge Analisa Torres’ ruling in her case against Ripple. The SEC faces a January 15 deadline to file an opening brief in its appeal.
XRP is eyeing resistance at $2.9 after a move above a key symmetrical triangle
XRP has suffered more than $11.03 million in liquidations in the last 24 hours, according to data from Coinglass. The total amount of liquidated long positions reached $2.72 million, while short liquidations amounted to $8.31 million.
XRP broke above a symmetrical triangle pattern on Thursday, extending its New Year’s rally. With a breakout, XRP could recover towards the $2.9 resistance level. This move could be strengthened if XRP registers a slight decline and bounces off the upper boundary line of the triangle.
XRP/USDT Daily Chart
The Relative Strength Index (RSI) is above its neutral level, indicating a dominant bullish momentum. Meanwhile, the Stochastic Oscillator (Stoch) is in oversold territory, signaling that a potential correction could be imminent.
A daily close of the candle below the lower boundary line of the triangle and the 50-day simple moving average (SMA) would invalidate the thesis and send XRP towards the $1.35 level.
