XRP is boosting the chances of its first monthly gain this year as liquidations of short positions concentrate during a recent rebound.

Blockchain media outlet The Crypto Basic reported on April 17 that, over the past 24 hours, $5.33 million of $7.77 million in XRP liquidations came from short positions.

CoinGlass data showed short liquidations accounted for 68.5 percent, or about 70 percent of the total. Traders who bet against the price rebound were pushed out of the market in succession. The same pattern appeared over shorter periods. Over one hour, liquidations totaled $64,220. Long positions accounted for $43.06, while short positions came to $64,170. Over four hours, shorts made up a larger share, with $66,690 out of a total $80,440.

Over 12 hours, the pattern diverged somewhat. Of total liquidations of $2.04 million, long positions were $1.23 million and short positions were $805,980. Even so, over the full day, losses on short positions were much larger, and the market appeared to have been more shaken by the recent rebound.

Futures trading also rose rapidly. XRP futures volume swelled to $4 billion over the past 24 hours. Binance accounted for the largest share at $1.3 billion, followed by MEXC at $701.79 million and Bybit at $531.59 million. Coinbase posted $472.61 million and Bitget recorded $356.22 million. With trading concentrated on major exchanges, short-term price volatility has also increased.

The rebound is also drawing attention as an attempt to break a long-term decline. XRP fell for six straight months from October 2025 to March 2026, with a cumulative decline of 52 percent. It was the first six-month losing streak since 2014. Weakness also continued in early April, and it is now trading at $1.39, up about 5.4 percent on the week.

The rebound from the low has also widened. After falling from a 2026 high of $2.41 in January, XRP broke above the upper boundary of an ongoing symmetrical triangle pattern on April 13. The price then pulled back to the upper boundary before rebounding again, with that area acting as support.

Indicators showed bullish dominance alongside weak trend strength. In the Directional Movement Index, +DI was 24.85, above -DI at 14.32, keeping buying pressure in the lead. The Average Directional Index, however, remained at 11.69, indicating the trend momentum is not strong. The upper Bollinger Band at $1.4287 is also acting as support. If that level breaks, $1.35, where the 20-day simple moving average is located, was presented as the next support area.

That makes XRP's April close a potential watershed beyond a short-term rebound in gauging whether the downtrend is turning. The market is watching whether current support holds as short liquidations expand and futures trading increases.