$142 Million in New XRP Longs Just Walked Into a Double Top
BeInCrypto
XRP faces a potential bearish reversal after forming a double top pattern, even as traders pile $142 million into new leveraged long positions.Summary
XRP has formed a "double top" bearish reversal pattern on its 12-hour chart after twice failing to maintain momentum near the $1.50 resistance level. Despite technical signals suggesting a downturn, derivatives data shows that traders have added $142 million in new long positions, leading to a significant increase in open interest and funding rates. This accumulation of leverage, combined with a 41% drop in spot buying from long-term holders and unfavorable macroeconomic conditions, leaves XRP vulnerable to potential cascading liquidations if the price fails to break above $1.51 and falls below the $1.34 neckline.
(Source：BeInCrypto)