One market participant noted XRP's recent whale buying has not yet translated into a breakout. Ripple whales added approximately 70 million tokens recently, with Binance traders holding a long/short ratio of 3.44. Despite this accumulation, XRP has struggled to surpass the $1.20 supply zone, a key resistance level.
On the derivatives front, funding rates remain close to zero, indicating balanced bullish and bearish positions. Analyst PelinayPA highlighted that liquidations for long and short positions are nearly even, pointing to a market without a clear directional edge. This balance suggests no imminent major squeeze is expected as traders have not crowded one side of the market.
Cumulative short liquidation use is notably higher, with $102.2 million concentrated around $1.202, while long use totals $61.17 million near $1.02, according to CoinGlass data. This distribution implies XRP may test overhead liquidity near $1.20 before moving decisively. Price action on the 4-hour chart reveals a bearish swing with a descending wedge, where a breakout is ongoing but faces resistance in the $1.18 to $1.23 range. A sustained close above $1.29 on this timeframe would be required to shift momentum to bullish.
the derivatives and price structure point to a cautious outlook. XRP's advance toward $1.20 is likely to encounter selling pressure, and traders might consider this range as a potential exit zone. A significant price move may depend on external factors such as a Bitcoin impulse rally to provide fresh momentum.
