Positioning answers this faster than any chart. $XRP ran roughly 50% in a week to the $1.45 to $1.50 area, its best stretch in about 21 months, driven by a Treasury liquidity decision rather than anything project-specific.

What concerns me is the book. Open interest climbed about 27.6% to roughly $3.50 billion, funding printed near three times average, with about 72% of accounts at one large venue sitting long. Crowded, two weeks after the opposite crowd got flushed.

Fund flows do not explain it either. Weekly spot product inflows had fallen roughly 93% earlier in August before rebounding to $5.81 million on the eighteenth. Short covering did the work.

Published resistance sits at $1.47 to $1.52, support at $1.34 to $1.37. Even at this level the token sits about 60% beneath the July 2025 high around $3.65.

I stayed flat and left my scheduled buy on Bitunix running. Leverage into a one-sided book brings real liquidation risk. Not advice, purely my own read of it.