XRP Shorts Are Piling Up: What Could Trigger a Squeeze

4 weeks ago 6

The spot market has not confirmed that turn. XRP is leaving some exchanges while deposits are increasing on Upbit, suggesting that immediately available supply may be tightening unevenly rather than across the market. The conditions for a sharper recovery are developing, but sustained buying pressure has not appeared yet.

Key Takeaways

Binance funding shows XRP shorts at their most crowded level of 2026 after a roughly 70% price decline.
Binance withdrawals lead deposits by transaction count, although the metric does not reveal how much XRP was moved.
Coinbase and Crypto.com are losing exchange-side supply while Upbit is receiving more deposits.
A similar funding extreme near $1.25 in April 2025 preceded a 126% XRP rally, although one precedent cannot establish a repeatable outcome.