XRP’s Struggle at $3: Potential Squeeze or Deeper Correction?

XRP trades near $2.86, encountering resistance around the $2.90-$2.95 mark. A breakout above this threshold could trigger a short squeeze due to the presence of heavy short positions above current levels. 155 million XRP in trading volume signals strong buying activity, further fueled by long-term holders securing over $2 billion in profits. 94% of XRP holders are currently profitable, creating an environment with potential for selling pressure if prices fail to break through the $3 barrier.