Over 206 million XRP flowed onto exchanges since the start of January, yet the token’s broader uptrend has persisted. The divergence—large distribution alongside rising prices—reflects accumulation by long-term holders and fresh institutional demand that has absorbed selling pressure.
Exchange balances rose by roughly 206 million XRP since January began, pushing centralized holdings near 1.66 billion XRP, according to on‑chain tallies reported mid‑January. That movement represented clear distribution, but net position metrics showed long‑term holders continuing to accumulate.
Data published on January 15–16, indicated strong green bars in HODLer Net Position Change, signalling that seasoned investors bought into dips and helped form a buying floor.
Some outlets flagged short‑term bearish views at the end of 2025, yet the pattern since the first week of January favoured holders. “The XRP price structure remains largely bullish despite the cryptocurrency’s recent struggles to break above $2.00,” said market analyst Egrag Crypto.
Institutional inflows, technical setup and macro context
Institutional infrastructure and the introduction of spot XRP products in late 2025 were cited as material catalysts. Reporting from November 2025 connected a surge in XRP Ledger activity to the first spot ETF launches, which brought capital and improved market depth.
That institutional piling‑in, paired with increased regulatory clarity noted across reports, helped offset heavy sales volumes.
Technically, analysts observed that XRP remained above key support levels and an EMA cluster through mid‑January, with the 50 EMA flattening while the 200 EMA continued to rise—an arrangement described as supportive for the uptrend.
Market commentary also pointed to a decision zone near the $2.00 level: breaking and holding above it would be the clearest immediate validation of the bullish thesis, while repeated failures would leave the move vulnerable to larger pullbacks.
Investors are now watching whether XRP can clear and sustain levels above $2.00 and whether institutional flows continue to outpace exchange inflows in the coming weeks; a decisive breakout would validate the thesis that institutional demand is large enough to absorb significant distribution and push the uptrend further.
