XRP's on-chain data reveals significant accumulation by long-term investors, with the number of large holders reaching a record 317,500 wallets. Despite the asset trading within a descending price channel between $3.11 and $2.20, sentiment has improved, with a weighted sentiment score of +0.51 indicating early optimism among investors. Additionally, open interest in XRP has decreased by 65.5% from October 6 to 18, suggesting a reduction in speculative leverage. This decline in open interest may pave the way for a market reset, as the asset hovers near the lower boundary of its current price range.