XRP Faces Double Top Risk Amid $142M in New Longs

XRP's price has been rejected at $1.50 for the second time in three weeks, forming a double top pattern, according to BeInCrypto. This bearish reversal structure suggests a potential loss of momentum among buyers. Despite this, bulls have placed $142 million in fresh long bets, pushing XRP's open interest from $798 million on April 29 to $940 million by May 11. However, hidden bearish RSI divergence and a 41% drop in long-term holder buying add to the risk. The crypto market's broader decline, exacerbated by geopolitical tensions, further compounds the potential for cascading liquidations.