Analyst: XRP Is Coiled For A Short Squeeze Rally
Technical signals indicate XRP may be nearing a short squeeze, as highlighted by analyst CryptoInsightUK. Key on-chain and derivatives data show dense liquidity above current price levels, with rising open interest resembling previous pre-squeeze conditions. Dense liquidity is noted around $2.40, while a lower cluster sits at $1.90, suggesting potential forced liquidations for short positions if prices rise. Open interest has increased since June 24, indicating a net addition of short positions. The analysis also references Ethereum's changing liquidity landscape, which may impact the broader market. Caution is advised due to existing liquidity below current levels, which could lead to a downward sweep before any upward movement. XRP is currently trading at $2.18.
