XRP Price Plunges After Reaching Seven-Month High Amid Bullish Predictions

XRP has seen significant price swings in recent days, surging to a seven-month high of $1.70 before dropping 14% to $1.46 over the last 24 hours.

This sharp decline triggered more than $250 million in long position liquidations, the highest among large-cap assets, raising concerns about a potential bull trap.

Rising Binance funding rates and aggressive long positions suggest that the market may be overheating, warning traders to be cautious of a deeper correction before any further gains.

Despite bullish analyst predictions targeting $2 by Q3's end, the recent price drop has sparked concerns about the sustainability of the current rally.