Derivatives Selling Pressure Mounts Against XRP
XRP is facing intense selling pressure in derivatives markets, which could impact its price. Derivatives desks have been aggressively selling XRP this year, with Binance's net taker volume dropping to -$96 million. Despite this, open interest on the exchange has continued to rise, indicating that new money is entering the market and taking a short position. This unusual setup, where falling taker volume meets rising open interest, suggests that sellers are dominating the market.
The question now is whether XRP's recent two-week rally has enough structural support to withstand another wave of selling. The token currently trades at $1.40, with immediate support at $1.41 and then $1.39. A break below $1.37 could invalidate the rebound structure and expose $1.34.
The most likely scenario is a choppy consolidation between $1.39 and $1.49 while derivatives positioning resets. However, if XRP can hold $1.41 and reclaim $1.46, it may open up a path towards $1.50, with stretch targets near $1.80-$2.00 if the supply zone breaks.