XRP Bulls Still Holding Ground Despite Historically Weak October Ahead

XRP is flashing three bullish signals despite its recent pullback. The token has been trading near $1.50, down about 6.3% over the past 24 hours but still up over 15.6% on the week.

The first signal comes from wallets that have held XRP for a year or more. According to Santiment data, these long-term holders are underwater, with a negative 365-day market value to realized value (MVRV) ratio of -11.75%. However, this could limit downside as fewer holders have profits to take.

The second signal is from futures traders, who have started adding exposure again. XRP futures open interest on Binance has climbed to nearly $600 million, a January-level reading. This return of positive sentiment in derivatives markets suggests buyers are driving the build-up.

Lastly, demand for XRP's spot exchange-traded funds (ETFs) has held steady, with net inflows every week since mid-July. However, there are two signals that keep the bulls in check: a narrowing Coinbase premium over Binance and XRP's historically weak October performance.