XRP shorts crossed $2 billion in 24-hour volume as traders stepped up bearish bets, even as the token continued its recovery from last week's low. Short taker volume tracks trades that open or add bearish futures positions, making it one of the most direct gauges of downside conviction in crypto derivatives. XRP, the native digital asset of the XRP Ledger and a mainstay of derivatives trading across major crypto exchanges, fell to $1.25 on Sept. 16 before recovering to about $1.482 by Sept. 21 — an 18.5% rebound from the September low.

Short taker volume reached $2.18 billion, or 50.67% of total volume, while longs recorded $2.12 billion. The narrow gap between the two sides shows futures traders remain divided on direction, with bearish flows running slightly ahead despite the price gains. The figures point to a market hedging its bets as the token attempts to extend its recovery — and since rising prices erode the margin behind short positions, bearish flows of this size carry forced-closure risk that grows as the rebound extends.

Exchange Traders Still Favor Long Positions

Retail and whale accounts remain mostly positioned long across Binance, OKX, and Bybit, a stance that points to continued bullish conviction among these cohorts even as short volume climbs. A long-short ratio above 1.00 means more accounts are positioned long than short, so readings at this level signal a clear majority stance rather than a slight lean. Binance retail traders posted a 2.25 long-short ratio, while whale accounts on the exchange reached 2.62. Bybit retail and whale accounts both recorded 3.12.

OKX retail traders posted a 1.91 ratio, while whale positions reached 2.18. Whale accounts stayed neutral at 1.00.

Smart money shows a different pattern. Sentiment readings stand at Extremely Bearish on both Binance and Bybit, while OKX remains Extremely Bullish — a divergence that leaves the overall derivatives picture split across major venues. The split matters because each venue draws on a different trader base, meaning signals taken from any single exchange can contradict another's even as all of them track the same recovery.

Short Liquidations Keep Building

The rebound has forced short sellers to absorb most of the liquidation losses. Liquidations occur when an exchange forcibly closes a leveraged position because its margin can no longer cover losses, and with XRP climbing, short positions are the ones whose collateral has come under pressure. Total 24-hour liquidations reached $9.46 million, with shorts accounting for $7.98 million of that total — the overwhelming majority of the past day's forced closures. Long liquidations reached about $1.48 million during the same period.

Shorter timeframes show shorts bearing the brunt as well. One-hour losses reached $4.67 million, led by $4.55 million in shorts, while over four hours traders lost $5.49 million, including $5.34 million from short positions.

XRP volatility exceeded 8.28% during the period — swings sharp enough to stress leveraged positions on either side — and 1,928 traders lost positions. The largest single liquidation reached about $1.05 million, occurring during the Sept. 21 peak hour.

XRP Shorts Face Key Price Levels

Shorts could face added pressure if XRP holds above $1.48. A sustained move at those levels could bring the $1.60 to $1.65 resistance area into focus, and further gains could expose $1.80 as the next level to watch.

Current liquidation activity remains below its seven-day average, but bearish positioning remains active. If the recovery weakens, $1.35 to $1.38 could become the first support zone. A deeper decline would return attention to the Sept. 16 low near $1.25.

Lower leverage in the market may limit the scope for forced selling, but futures positioning remains divided as traders monitor the recovery. Two data points offer a running read on that division: whether short taker share holds above the 50% line, and whether liquidations climb back toward their seven-day average as price tests each level. Price action around these levels, together with the gap between long-leaning account ratios and short-skewed taker flow, will shape short-term positioning across major derivatives exchanges.