Bitcoin is showing a short-term pullback, but derivatives data are raising the prospect of further gains, with analysts pointing to heavily built-up short positions. Perpetual futures funding rates have fallen to their lowest since 2023 and moved deep into negative territory, a level some see as a short squeeze trigger. Macro conditions have also supported risk appetite, though some warn geopolitical risks may be over-priced. On-chain indicators suggest some investors remain underwater, potentially adding selling pressure on rebounds.

XRP has traded sideways for more than two weeks while holding support at $1.30 to $1.33, drawing market attention to a possible breakout as large holders continue to accumulate. XRP trades around $1.35 and has posted limited declines over the past day and week. The 50-day exponential moving average near $1.38 is seen as a key resistance level. Whale holdings rose after purchases of 20 million XRP, while exchange flows showed net outflows.