XRP Price Repeats Rare 2021 Pattern as XRPL Locked Supply Rises Ahead of June 15 Upgrade

Ripple (XRP) is repeating the same triangle pattern that it formed between April 2021 and May 2022, before the price rose by 226%. The pattern comes when activity on the XRP Ledger is rising as the number of XRP coins locked on the network rises above 13 million, six days before the XRPL upgrade on June 15.

XRP price is up by 2.20% today, June 9, to trade at $1.16 at the time of writing, while trading volumes had topped $2.09 billion per CoinGecko data.

XRP Ledger Activity Surges as Network Upgrade Nears

Data from XRP Scan shows that the supply of XRP locked on XRPL reached 13,016,454 on June 8. It had reached 13,149,037 on June 6, with this number being the highest it has ever reached in a month.

TokenTerminal also shows that the stablecoin supply on the network is at an all-time high of $887 million on the week of June 8.

The Ripple USD (RLUSD) stablecoin accounts for the biggest share of this $887 million stablecoin supply, with $756 million of its coins on the network.

This rise in the supply of stablecoins and locked coins comes just before the 3.2.0 upgrade on XRP Ledger happens on June 12, as CoinGape previously reported.

The 3.2.0 upgrade is going to roll out improvements on XRP Ledger, like making it cheaper by reducing memory usage by as much as 40% and improving security by offering bounties to people who find bugs on the network.

The XRP price goes up when there is an XRPL upgrade. That can be seen on May 27 when the 3.1.3 network upgrade led to the price rising from $1.27 to $1.36 three days after it happened.

The same rise might occur after June 15, once the 3.2.0 upgrade occurs and people start buying because of hype.

XRP Price Mirrors 2021 Pattern That Sparked a 226% Rally

XRP price fell out of the support of a triangle pattern at $1.28 in the week of June 1. The triangle has been forming since July 2025, when XRP reached a peak of $3.64.

But zooming out shows that XRP made the same breakdown five years ago when the price went from $1.34 in April 2021 and lost the support of a falling triangle at $0.61 in May 2022.

The falling triangle is usually bearish if the price closes below the triangle’s support for three straight days. That was seen in May 2022, because the value of XRP dropped to $0.28 three months after this support was lost.

But that drop to $0.28 also flushed out weak hands and created room for buyers because the price later rose from $0.28 in June 2022 to $0.98 by July 2023.

If XRP closes three straight days below the support of the current triangle pattern at $1.28, the action might also flush out the weak hands as it did in 2022, allowing the price to bottom at $0.90 before a healthy rise happens.

Derivatives Data Shows Bullish Positioning

XRP’s derivatives data on Coinglass shows bulls are strengthening their grip because on Binance, the long/short ratio was at 2.73, suggesting there are nearly three times more long buyers than short sellers.

The same long/short ratio was at 1.96 in OKX, while the open interest had increased by 2.33%, suggesting a small rise in demand occurring at the same time as XRP’s price increased by 2.75% today, June 9.

But the bias towards longs is also posing a risk to the recovery of XRP price. This is because the $2.16 million long liquidations versus $1.21 million short liquidations on June 9 suggest there were more people being forced to sell than buy.