The funding rate for XRP perpetual futures has been negative for 39 consecutive days, indicating that traders are continuously bearish. Despite the large short positions, XRP's price remains stable around $1.35, similar to the period before the significant price surges in 2022 and April 2025. This imbalance between market sentiment and price movement suggests that the market could experience sharp volatility, and breaking through key resistance levels may trigger a short squeeze, with target prices ranging from $1.80 to $2.00.