An analysis says XRP has again flashed reversal signals that appeared before its last major rally.

BeInCrypto reported on May 10 that XRP futures funding rates on Binance have maintained a bearish bias for about 3 months, even as XRP's price rose 27 percent over the same period.

The signal comes from an analysis that focuses more on derivatives-market sentiment than on price action. On-chain analyst Darkfost said the mood in crypto markets has shifted noticeably since early February. The Total3 index, which shows asset flows excluding bitcoin, ether and stablecoins, recovered about $125 billion after falling more than $544 billion. Despite the rebound, traders remain tilted toward short positions.

Darkfost said Binance's XRP funding rate has maintained a bearish bias for the longest period in recent times. He pointed out that when such a strong market consensus forms after a correction of more than 60 percent, the chance of a reversal often increases. He said a similar pattern appeared when XRP reached $1.25 in April 2025, followed by a bullish recovery that drove a 126 percent rise.

But based on price action alone, XRP's recent performance is relatively weak. XRP has risen only 5.7 percent over the past month and showed the weakest move among the top 5 large-cap assets by market value, excluding stablecoins. Over the same period, Zcash (ZEC), Toncoin (TON), Ondo (ONDO) and Internet Computer (ICP) posted steeper gains. That suggests the market is probing for direction in a limited rebound rather than re-rating XRP.

Technical analysis is split. One analyst said XRP's chart resembles the pattern Toncoin and Ondo showed after moving through a bearish compression phase. Because both assets later broke out strongly, the analyst said XRP could be preparing a similar move. The analyst suggested XRP's next move could head into the $2 to $4 range.

Another market participant focused more on XRP's symmetric triangle pattern. The pattern indicates a tug-of-war between buyers and sellers rather than predicting an up or down move on its own. With XRP's price nearing the triangle's apex, the analyst said the likelihood is rising that direction will be decided soon. An upside break could add momentum, while a downside break could strengthen selling pressure again.

The analyst said the longer the current compression phase lasts, the closer it gets to the late-May apex and the greater the chance of a "decisive rally". The analyst also said a range-bound market is continuing.

XRP's next trend will hinge on whether buyers can break through the symmetric triangle resistance line and whether the derivatives market's short bias can translate into an actual price reversal. How XRP breaks this balance in a period when spot action and funding rates diverge is expected to be a near-term turning point.