XRP Is Coiled Under $1.51—And $47 Million in Shorts Are on the Line

XRP is currently in a prolonged consolidation phase, trading just below the critical resistance level of $1.51, which aligns with the 61.8% Fibonacci retracement. This level is significant because approximately $47 million in XRP short positions face liquidation there, creating tension that could lead to a short squeeze if broken. However, on-chain data shows continued selling pressure, with investors realizing about $117 million in losses on February 17, signaling low confidence. Despite this, a cohort of mid-term holders (three to six months) is increasing their supply share, suggesting conviction. The immediate outlook favors consolidation between support at $1.44 and $1.27, unless XRP can reclaim $1.51 as support, which would then open the door for a potential rally above $1.62.

(Source：BeInCrypto)