XRP Bulls Face Elevated Greed Amid Squeeze Setup

XRP has been making waves in the crypto market with its recent price surge. According to Pandas Coffee Talk (PCT), XRP is up 1.7% today and trading at $1.43. The social sentiment around XRP is strong, ranking high in crypto-wide engagement.

The bull case for XRP looks promising, as the squeeze setup in derivatives indicates that shorts are more exposed than longs. This means that if buyers push the price up, there will be short covering fueling further gains. Long-term holders of XRP are also sitting firm across the board.

However, not all is rosy for XRP bulls. Funding is positive, with longs paying shorts, which suggests that leveraged enthusiasm has already been priced in to some extent. Additionally, market-wide greed levels have reached 73, a contrarian yellow flag indicating overbought conditions.