XRP has now posted three consecutive sessions in the red, slipping below the $1.50 mark. On the surface, funding data looks reassuring — but it masks a market structure that is far more precarious than it appears.
The long/short ratio is hovering near equilibrium, funding remains positive, and yet price refuses to follow. This disconnect between demand in the derivatives market and selling pressure on the spot market is exactly the kind of setup that can unravel quickly.
Here is what on-chain data and technical indicators are really telling us about the current state of XRP.
Positive Funding That Isn’t Translating Into Price Gains
According to CoinGlass data, the long/short ratio for XRP sits at 0.975 — short positions slightly outweigh longs, but the gap is too narrow to signal any genuinely bearish positioning. The market is nearly balanced, offering no clear directional bias.
The funding rate is printing at +0.008%. A positive figure means long traders are paying short traders to maintain their positions in perpetual futures — a sign that bullish demand in the derivatives market remains real. In theory, this reads as a conviction signal. In practice, it is a double-edged sword.
If price continues to retreat, these leveraged longs become forced sellers. Positive funding built on weak spot demand can tip into a liquidation cascade far faster than a market supported by genuine accumulation. CryptoQuant reinforces this reading: its data flags overheating conditions across both the spot and futures markets for XRP, with seller dominance on the derivatives side — despite the positive funding rate.
The $1.37 Support: The Level That Will Decide Everything
On the daily chart, XRP is still holding a medium-term bullish structure. The token is trading above its 50-day EMA (~$1.365) and its 200-day EMA (~$1.369), two moving averages converging to form a critical support zone around $1.37. The 100-day EMA, sitting lower at $1.307, acts as a secondary safety net.
Momentum indicators point to consolidation rather than a clean breakdown. The RSI is hovering around 55, close to neutral, while the MACD is flattening near zero — typical behavior for a pause following a rally, not a confirmed bearish reversal.
Two scenarios are now in play. A clean break below $1.37 would open the door toward the $1.30 zone, and a sharper deterioration would bring the psychological $1.00 level back into the conversation — though that remains a distant prospect for now. Conversely, a reclaim of the $1.574 resistance would significantly strengthen the bullish case and reopen the path toward $1.90.
