XRP’s Wild Ride: Bulls, Bears, and a Dash of Déjà Vu!

by

Well, butter my biscuit and call me a crypto cowboy, but Glassnode’s been poking around in the XRP corral again, and what do they find? A ghost from the past, that’s what! Seems XRP’s market structure is doing its best impression of February 2022, with short-term buyers hoarding like squirrels before winter, all while the $2 mark sits there, grinning like a Cheshire cat, ready to pounce.

  • Glassnode reckons XRP’s cost-basis structure is wearing its 2022 outfit again, and the top buyers are feeling the heat like a man in a wool suit on a Mississippi summer day.​
  • Those short-term wallets (1W-1M) are scooping up XRP like it’s going out of style, but they’re sitting pretty below the 6-12M holders’ realized price. Meanwhile, the underwater holders are selling into rallies faster than a cat up a tree.​
  • And let’s not forget that pesky psychological level Glassnode flagged back in November 2025. Every time it gets retested, it’s like a bull in a china shop-heavy realized losses and capitulation flows galore.

Blockchain analytics firm Glassnode-those number-crunching wizards-spilled the beans on Monday that XRP (XRP) is back to its old tricks, sporting a cost-basis configuration last seen in February 2022. Seems the recent buyers are piling in at prices that leave the earlier folks high and dry, according to a note shared via X.

📊#XRP Glassnode: The current market structure for XRP closely resembles that of February 2022.

Investors active over the 1W-1M window are now accumulating below the cost basis of the 6M-12M cohort.

As this structure persists, psychological pressure on top buyers continues to…

– Rednirav (@CryptoRednirav) January 20, 2026

Glassnode’s Fresh Take on XRP’s Circus

Those clever folks at Glassnode spotted a rotation in realized prices by age band, claiming XRP’s market structure is channeling its inner 2022. They say the psychological pressure on top buyers is building like a storm cloud over a picnic, making the current market a real test of patience.

According to their crystal ball-er, analysis-wallets active in the short-term window (one-week to one-month cohort) are accumulating below the cost basis of the six-month to 12-month holders. Translation? New demand is coming in cheaper than what the mid-term folks paid, Glassnode says.

Now, why does this matter? Well, these cohorts behave like different breeds of cats when the price revisits their cost basis. If the spot price dips below a cohort’s realized price, they’re underwater, and when the market rallies back, they’re selling faster than hotcakes at a county fair. This creates overhead liquidity that can cap the upside until it’s all soaked up, Glassnode explains.

Their “Realized Price by Age” chart-with a short moving average, mind you-shows a gap between the shorter-term and six-to-12-month cost bases during this consolidation, just like the February 2022 pattern. Déjà vu, anyone?

Glassnode also dusted off a Nov. 24, 2025 post about a major psychological price level where cohort stress has been as visible as a sore thumb. Since early 2025, every retest of that level has brought significant weekly losses, suggesting holders are bailing out at a loss as the price revisits that zone.

According to Glassnode, this level isn’t just a technical chart point-it’s a behavioral zone where spending decisions change, and capitulation or forced de-risking can pile up like leaves in autumn.

Back in February 2022, XRP took a wild round-trip ride, according to the history books. After hitting a low in early February, it rallied to the month’s peak, then reversed in the latter half as macro risks kicked in. The late-month decline coincided with the Russia-Ukraine escalation and the Feb. 24 invasion, which sent risk assets tumbling like dominoes and pushed major cryptocurrencies lower, in line with the risk-off sentiment across the crypto market, Glassnode noted.

Read More

2026-01-20 15:00