Shorts Stack Up on $XRP, Market Watches for the Unzipit

$BTC and the broader crypto market slipped on Tuesday as Bitcoin eased 1.2% to $67,200 and Ethereum fell 1.1% to $2,460, according to Crypto News Room market data. $XRP, however, was the day's quiet headline, holding near $1.48 while a heavy build-up of short positions set the stage for a potential squeeze if bullish traders force a decisive reclaim of the $1.50 level.

Liquidation data from Crypto News shows roughly $128.72 million in $XRP shorts lined up between $1.515 and $1.530, with an additional cluster of $18 million positioned above the $1.60 mark. Options markets are tilted the same way: put contracts outnumber calls 3.5-to-1 on the largest derivatives venue, leaving the derivatives complex skewed toward further downside unless a swift move higher forces short covering.

Technical markers are doing little to discourage the bearish positioning. The daily Relative Strength Index has slipped below the midline into bearish territory for the first time since June 2024, and the MACD line crossed below its signal line on Tuesday, both consistent with a near-term trend described as vulnerable. A failure to close above $1.502 on the daily chart would leave the next reference at $1.434, while a clean push through $1.50 would invalidate the bearish setup, Crypto News analysis said. XRP price is trading near $1.48, with the broader market cap at approximately $1.92 trillion and $BTC dominance holding at 56.1% as of Tuesday afternoon.