XRP is consolidating near its all-time high (ATH) of $3.68, currently trading around $3.50, as conflicting market signals emerge. Traders have amassed $260 million in short positions at the $3.68 resistance level, creating potential for a short squeeze if prices rebound. Meanwhile, $2.81 billion worth of XRP (450 million tokens) flooded exchanges over seven days, signaling massive profit-taking by long-term holders. This selling spree aligns with a three-month peak in Liveliness metrics, historically preceding corrections.
Technical indicators reveal tension: While experts cite a 95% probability of spot XRP ETF approval and bullish flag patterns targeting $15, the RSI reading of 83 flags overbought conditions. Critical support lies at $3.38-$3.40, where $69.51 million in long positions face liquidation. Should this break, $3.00 becomes the next downside target. Conversely, reclaiming $3.80 could propel XRP toward $4.00 and new ATHs.
Sentiment remains divided: $56.85 million exited exchanges for secure wallets in 48 hours, signaling accumulation by believers, while daily trading volume surged 16% amid price indecision.