$XRP Don't talk to me about a rebound. On-chain leverage first received a death sentence—within half a day, borrow-leverage evaporated more than half. Debt growth flipped across the board to negative, and even the capital for longs to keep adding positions was withdrawn in batches. The spot long/short ratio is locked in an extreme zone dominated by longs, with the chips spread so thin. Once this overcrowded, grotesque long structure runs out of food, the script becomes one of mutual stampede. The order book is even more realistic: spot aggressive sell orders overwhelm buy orders, and rebounds can’t move a single cent of real money.