XRP bulls add $142M as price forms double top
XRP bulls added $142M in longs as price formed a double top near $1.50; long-term holder buying fell 41% and open interest rose to $940M.
XRP traders placed about $142 million of new long derivatives positions while the token tested resistance near $1.50 twice, on April 17 and May 10, and pulled back after each test. Open interest in XRP futures rose from $798 million on April 29 to $940 million on May 11.
The price action created a double-top pattern with peaks at $1.50 and $1.51. The 12-hour chart shows a neckline at $1.34; a 12-hour close below that level would confirm the pattern and calculate a measured move toward roughly $1.19, an 11% decline from the neckline. A 12-hour close above $1.51 would invalidate the pattern and set $1.54 as the next upside target.
Momentum readings showed a hidden bearish divergence on the daily Relative Strength Index between mid-February and May 10, where price made lower highs while the RSI made higher highs. Traders use that divergence as a signal that momentum may not support a sustained uptrend.
Derivatives pricing shifted toward longs. The perpetual swap funding rate moved from 0.000503% on April 29 to 0.006% on May 11, about 12 times higher over the same period, indicating that long positions were paying short positions in perpetual contracts.
On-chain data tracked long-term holder activity. The hodler net position change, which measures daily net flows into wallets holding for more than 155 days, fell from 260.18 million XRP on April 12 to 152.6 million XRP on May 10, a decline of about 41%.
Price levels around the recent high show immediate support at Fibonacci retracements from the May 10 high to the most recent low: 0.236 at approximately $1.46, 0.382 at $1.44 and 0.5 at $1.42. The market was trading near $1.44 on the 12-hour chart. Key resistances remain the April 17 and May 10 highs at $1.50 and $1.51.
Broader market volatility increased the trading context. The wider crypto market fell more than 2% on May 11 after political developments, tightening conditions for leveraged positions.
Open interest measures the total value of outstanding derivatives contracts. The funding rate is the periodic payment between perpetual swap longs and shorts. The hodler net position change captures daily accumulation by wallets that have held tokens for an extended period. The RSI is a momentum oscillator that measures the speed and magnitude of price moves.
