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Following
XRP XRP remains around $1.36, with buyers holding on to support, while resistance at $1.39 controls the next potential rebound attempt. Neutral funding rates show that derivatives positions have cooled, with leverage remaining balanced after recent breakthroughs and long retracements. The current backtest is not over yet, and the US$1.35 support level and downward resistance level define the near-term technical range.
XRP is still caught between support and downward resistance, and traders are concerned about whether the near-term backtest can be completed before the end of the week.
Backtest spreads below downward resistance
The recent structure is formed after a strong breakthrough after a long period of weakness. The price rose from approximately $0.90 to $1.00 to $1.60, and then entered a controlled pullback of approximately $1.65 to $1.70. CW said the backtest should end before the close of the week. The accompanying chart shows prices compressing below the downward short-term trend line. This structure puts the short-term focus on possible breakthroughs or rejections.
The broader pattern previously held prices below downward resistance. For months, lower highs have dominated the structure. The breakthrough temporarily broke the sequence and created a stronger short-term rise. Subsequent pullbacks remained restrained compared to the breakthrough itself. Prices continue to trade above the starting point of the rise. This leaves backtesting still relevant, while sellers remain active near declining resistance.
US$1.36 support becomes a recent battlefield
As of writing, the price is at $1.36, putting the market close to near-term support. 1.36 The $1.37 area attracted repeated buying and selling activity. Price fluctuations near the region will determine the next short-term direction. If the price remains above $1.37, there is a chance to extend further to $1.38 to $1.39. A breakthrough of $1.39 will improve the current short-term structure, with the next resistance area approaching $1.50. Failure to hold on to $1.35 will weaken the current consolidation pattern, and sellers may target the lower part of the recent breakout structure. This trend will put new pressure on buyers defending the broader recovery. The chart also shows a large number of trading activity near these levels in the near future. It is estimated that the 24-hour transaction volume is approximately US$2.03 billion, the market value is approximately US$85.59 billion, and the circulation supply is 62.74 billion tokens.
Funding rate shows leverage has been reset
The weighted funding rate chart for open interest contracts presents a different picture than the price structure. In recent times, funding rates have generally remained close to neutral. Positive and negative readings appear, but no extreme positions persist.
In the earlier rally, funding rates remained mostly positive as prices accelerated. This combination reflects strong demand for leveraged long exposure. The subsequent reversal produced a sharp peak in negative funding rates, before conditions returned to normal. The subsequent decline to lower levels was accompanied by relatively moderate funding rates. There were brief negative readings during several declines, but these readings did not remain extreme for long.
Therefore, the current funding rate situation shows that market derivatives positions are relatively balanced. New breakthroughs may lead to stronger long positions and higher funding rates. Conversely, a break below support could increase short exposure across the market. The recent technical range is still clearly defined by US$1.35 and US$1.39. Holding the support level will retain the current backtest structure. Breaking through either boundary should provide clearer evidence of the next directional trend.
