XRP Drops from 45% Weekly Surge as Leveraged Longs Unwind Near Key Support

XRP is leading a broader crypto pullback after surging roughly 45% over the prior week, a rally driven by ETF inflows and spikes in network activity. The retreat is putting pressure on heavily leveraged traders: CryptoQuant data shows XRP leverage at a seven-month high, and a concentrated $52 million long position drew particular attention as the token backtested support in the $1.35 to $1.40 range. The next key level to the upside is $1.88, a threshold market commentator Dark Defender flagged within an Elliott Wave structure he first mapped in 2023, when his initial target was near $0.90.

Bitcoin is also approaching what analysts describe as a critical inflection point around the $83,000 level, with debate over whether its recent move constitutes a genuine breakout. Longer-term forecasts for XRP, including a $10 price target for this year and a $130,000 Bitcoin projection for 2027, remain in circulation but depend heavily on whether current support levels hold through the leverage unwind.