[DigitalToday reporter Jinju Hong] XRP long-term holders' net accumulation has climbed to the highest level in a month.

Decrypto, a blockchain media outlet, reported on Oct. 27 local time that Glassnode data showed XRP holders' net position change indicator stood at 189,903,498 XRP on Oct. 26.

The indicator shows how much long-term holding wallets have increased or reduced their holdings over the past 30 days. A rise means long-term holders have accumulated more XRP than the amount they sold or moved out. A decline means they are reducing holdings and releasing more back into the market.

The reading draws attention because XRP has still not regained the $1.30 level in a stable way. XRP has recently moved between $1.28 and $1.30, and it also slipped below that band on Oct. 25 and 26. It was trading at $1.2921 at the time of writing.

The long-term holder trend shifted again from mid-October. The indicator fell to 1,052,427 XRP on Oct. 13. At the time, XRP was at $1.37, and long-term wallets were effectively neither accumulating nor distributing in a significant way. The indicator then rebounded, rising to 96 million XRP on Oct. 17.

The uptrend slowed for a while. Long-term wallets' net accumulation stayed around 90 million XRP through Oct. 24. It moved back above 113 million XRP on Oct. 24, expanded to 188 million XRP on Oct. 25 and widened to 189.9 million XRP on Oct. 26. That suggests long-term holders have started increasing holdings again even as prices remain pressured.

A similar trend appeared after a mid-August rally. Long-term holders' net accumulation jumped to 276 million XRP on Aug. 8 and fell to 220 million XRP on Aug. 27. It rebounded to 232 million XRP on Sept. 13, but dropped to around 190 million XRP in a single day on the same date. It then continued to weaken into late September and through October.

The market is focusing on the possibility that the trend could matter for supply and demand. If long-term holders accumulate more XRP, the amount potentially available for immediate selling could decline. If demand returns, the easing supply burden could help support a price rebound.

Still, it is hard to say that expanded accumulation will immediately lead to a price recovery. The fact that XRP has not settled above $1.30 means selling pressure remains strong in the short term. The key in the current trend is that long-term wallets have turned back toward net buying even as prices remain weak, and the next point to watch is whether a recovery in demand accompanies it.