The Ripple-owned coin faces selling pressure after rejection at the critical resistance level of $0.65.
This led to a notable price decline and established a strong supply zone, causing traders to anticipate further downward movement. This further encouraged short positions as they bet against XRPâs recovery.
Trading activity shows major liquidation of long positions by over 70%. This trend shows traders are losing faith in a quick recovery for $XRP , leading them to either exit their positions or open new shorts in anticipation of further declines.
The ongoing regulatory uncertainties surrounding Ripple are shaking investor confidence. Negative outcomes could lead to further drops in the $XRP price, leading traders to increase their short positions as a hedge against potential losses.
Recent XRP price movements show the coin trading in a narrow range and struggling to break through critical resistance levels. Hovering around $0.53 and $0.63, this fluctuation shows the Ripple-owned coin struggling to maintain its momentum.
With several factors contributing to the rising short positions in $XRP , traders and investors alike are increasingly betting against any significant potential upward movement in the tokenâs price. As such, they are betting on this Ripple rival, RCO Finance (RCOF), set to grow 2,000x by Q1 2025.
XRP 10x Explosion? Ripple Bulls Face Harsh Realities Amid News Buzz
XRP bulls are holding onto hopes for a breakout, but a 10x surge seems unrealistic for now. Rippleâs XRP remains stuck at $0.5371, unable to break through resistance at $0.55, with technical indicators like the death cross pointing to further downside. Despite Rippleâs recent win in the SEC lawsuit, the ongoing appeal continues to create uncertainty, keeping XRP's momentum in check.
Recent XRP news include Ripple CEO Brad Garlinghouse criticizing the SEC for ignoring a court ruling that declared XRP isnât a security, calling the agency "renegade." This bold stance hasnât lifted the tokenâs price, as the broader market remains cautious. Meanwhile, Rippleâs adoption by top-tier banks such as DBS and BBVA positions it for future growth, but for now, XRPâs performance remains underwhelming.
Additionally, Chris Larsenâs $1 million donation in XRP to Kamala Harrisâ campaign has sparked interest, but unfortunately, it hasnât had a direct impact on the token's price.
XRPâs market performance has been flat, and with support around $0.50 looming, a breakout appears unlikely. Over the past 7 days, XRP has shown volatility, fluctuating between $0.525 and $0.542, struggling to break above key resistance levels, with brief uptrends quickly reversing as it remains trapped in a sideways trading pattern.
