<p>Ripple [XRP] 的空頭面臨越來越大的壓力，因為該代幣在 $1.95 附近穩定並開始上漲。</p>
<p>隨着融資利率保持負值，空頭頭寸不斷增加。因此，最近的反彈迫使空頭平倉，並推動短期上漲動能。</p>
<p>在價格整合期間，XRP 融資利率轉為負值，因為賣方湧入衍生品市場。</p>
<p>首先，在 2024 年 8 月到 9 月之間，現貨動能下降使得永續融資利率跌至零以下，顯示出看跌的市場定位。</p>
<p>然後，在 2025 年 4 月的修正期間，類似的模式再次出現，隨着不確定性和獲利了結加劇，向下對沖的需求增加。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/G_N7B8YWIAAYR1N-scaled.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/G_N7B8YWIAAYR1N-scaled.jpeg"/></p>
<p>來源：X</p>
<p>因此，市場情緒偏向防禦性，而多頭持有者則選擇觀望，波動性壓縮。然而，歷史表明，這種負面情緒往往會耗盡賣方的力量。</p>
<p>隨着融資利率正常化，價格迅速反彈，反映出風險偏好。如果負融資持續，投資者應關注回撤和未平倉合約的增加。</p>
<p>相反，融資利率回升至正值則值得進行戰略性再積累。</p>
<h2><strong>XRP 衍生品信號風險規避情緒</strong></h2>
<p>根據 CoinGlass 數據，XRP 融資利率與價格在市場週期中表現出密切相關的走勢。</p>
<p>從 2021 年到 2023 年中期，XRP 的交易價格在 $0.40-$0.60 之間，而融資利率保持平穩或輕微負值，反映出市場信心不足。</p>
<p>然後，在 2024 年底，價格飆升至 $3.00 以上，融資利率飆升至 +0.10%，顯示出積極的多頭定位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-112402.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-112402.png"/></p>
<p>來源：CoinGlass</p>
<p>然而，這種不平衡導致了劇烈的回調。在 2025 年，XRP 的價格回落至 $2.00-$2.50 區間，而融資利率再次跌回零以下。</p>
<p>因此，交易者減少了槓桿並採取了防禦性策略。輕微負值的融資利率表明謹慎的市場情緒，歷史上與基礎構建和潛在趨勢重置相關。</p>
<h2><strong>這次有什麼不同？</strong></h2>
<p>與過去由炒作或監管拖累所塑造的 XRP 週期不同，2026 年反映出結構上更強的市場環境。</p>
<p>在 2025 年 SEC 對 Ripple 的案件結束後，監管壓力消失，恢復了美國機構的准入。</p>
<p>現貨 XRP ETF 隨後推出，並吸引了 $13-14 億的穩定資金流入，有效收緊了流動供應。</p>
<p>與此同時，Ripple 的收購、RLUSD 穩定幣擴展和新許可證加強了現實世界的結算使用。</p>
<p>這些變化共同驗證了更高的價格體系，因為需求現在是基於基礎設施、流動性和機構採用，而不是投機過剩。</p>
<h2><strong>清算集羣信號短期擠壓風險上升</strong></h2>
<p>熱圖顯示，清算集中在 $1.98 到 $2.05 之間的範圍內，最密集的區域略高於 $2.00。</p>
<p>這些水平與之前 XRP 在極端負融資期間的結構相似。截止發稿時，價格在 $1.95 附近交易，但向下的清算口袋並不強勁，因為它們低於 $1.90。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/XRP-Liquidation-Heatmap24-hour-2026-01-22_12_31_24-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/XRP-Liquidation-Heatmap24-hour-2026-01-22_12_31_24-scaled.png"/></p>
<p>來源：CoinGlass</p>
<p>這種不平衡很重要。由於價格高於 $1.93-1.94，空頭頭寸在該價格上方積累。每一步的整合都對市場造成壓力。</p>
<p>在過去，當 XRP 處於如此重的積累時，即使是小額現貨買入也會導致連鎖反應的空頭清算。因此，$2.00 到 $2.05 區域逐漸成為擠壓觸發點，而不是阻力位。</p>
<p>總而言之，時機目前占主導地位，因為擠壓風險和賣方疲憊超過了純粹的方向性信念。</p>
<p>因此，儘管持續整合，短期上漲動能仍然是最有可能的結果。</p>
<p>投資者應關注融資轉為正值，以確認持續的趨勢強度。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>負融資和集中在 $2.00 以上的清算集羣信號短期擠壓風險上升，因為 XRP 在 $1.95 附近持穩，向下流動性有限。</em></li>
<li><em>與此同時，監管透明度、ETF 資金流入和 Ripple 生態系統擴展收緊供應，增強了上漲的韌性，傾向於延續而非破裂。</em></li>
</ul>

GXRP

XRPC

XRPZ

XRPI

<p>Ripple 的 XRP 空頭面臨壓力，因為該代幣在 1.95 美元附近穩定，負的資金費率迫使空頭頭寸平倉。歷史模式表明，負的資金費率通常會導致賣方疲憊和價格反彈。目前的市場條件，包括監管不確定性的結束和強勁的機構興趣，支持更高的價格區間。圍繞 2.00 美元的清算集羣表明空頭擠壓風險上升，短期內有上漲動能的潛力。投資者應關注資金費率，以確認趨勢強度</p>

<p>Ripple [XRP] shorts are facing mounting pressure as the token stabilizes around $1.95 and begins pushing higher.</p>
<div class="lb-trans"><p>Ripple [XRP] 的空頭面臨越來越大的壓力，因為該代幣在 $1.95 附近穩定並開始上漲。</p>
</div><p>Short positions have built up as funding rates stay negative. As a result, the recent bounce is forcing cover and fueling near-term upside momentum.</p>
<div class="lb-trans"><p>隨着融資利率保持負值，空頭頭寸不斷增加。因此，最近的反彈迫使空頭平倉，並推動短期上漲動能。</p>
</div><p>XRP Funding Rates turned negative as sellers crowded derivatives markets during price consolidation.</p>
<div class="lb-trans"><p>在價格整合期間，XRP 融資利率轉為負值，因為賣方湧入衍生品市場。</p>
</div><p>First, between August and September 2024, declining Spot momentum pushed perpetual funding below zero, signaling bearish positioning.</p>
<div class="lb-trans"><p>首先，在 2024 年 8 月到 9 月之間，現貨動能下降使得永續融資利率跌至零以下，顯示出看跌的市場定位。</p>
</div><p>Then, a similar pattern reappeared during the April 2025 correction, as uncertainty and profit-taking intensified downside hedging.</p>
<div class="lb-trans"><p>然後，在 2025 年 4 月的修正期間，類似的模式再次出現，隨着不確定性和獲利了結加劇，向下對沖的需求增加。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/G_N7B8YWIAAYR1N-scaled.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/G_N7B8YWIAAYR1N-scaled.jpeg"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>來源：X</p>
</div><p>Consequently, sentiment skewed defensive, while long holders stepped aside and volatility compressed. However, history shows this negativity often exhausts sellers.</p>
<div class="lb-trans"><p>因此，市場情緒偏向防禦性，而多頭持有者則選擇觀望，波動性壓縮。然而，歷史表明，這種負面情緒往往會耗盡賣方的力量。</p>
</div><p>As funding normalized, the price rebounded sharply, reflecting risk appetite. If negative funding persists, investors should watch for drawdowns and rising open interest.</p>
<div class="lb-trans"><p>隨着融資利率正常化，價格迅速反彈，反映出風險偏好。如果負融資持續，投資者應關注回撤和未平倉合約的增加。</p>
</div><p>Conversely, a flip back to positive rates warrants strategic reaccumulation.</p>
<div class="lb-trans"><p>相反，融資利率回升至正值則值得進行戰略性再積累。</p>
</div><h2><strong>XRP derivatives signal risk-off sentiment</strong></h2>
<div class="lb-trans"><h2><strong>XRP 衍生品信號風險規避情緒</strong></h2>
</div><p>According to CoinGlass data, XRP Funding Rates and price have exhibited closely correlated movement across market cycles.</p>
<div class="lb-trans"><p>根據 CoinGlass 數據，XRP 融資利率與價格在市場週期中表現出密切相關的走勢。</p>
</div><p>From 2021 to mid-2023, XRP traded near $0.40-$0.60 while funding stayed flat to mildly negative, reflecting low conviction.</p>
<div class="lb-trans"><p>從 2021 年到 2023 年中期，XRP 的交易價格在 $0.40-$0.60 之間，而融資利率保持平穩或輕微負值，反映出市場信心不足。</p>
</div><p>Then, in late 2024, the price surged above $3.00 as funding spiked toward +0.10%, signaling aggressive long positioning.</p>
<div class="lb-trans"><p>然後，在 2024 年底，價格飆升至 $3.00 以上，融資利率飆升至 +0.10%，顯示出積極的多頭定位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-112402.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-112402.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><p>However, that imbalance preceded sharp pullbacks. During 2025, XRP corrected toward the $2.00-$2.50 range while funding slipped back below zero.</p>
<div class="lb-trans"><p>然而，這種不平衡導致了劇烈的回調。在 2025 年，XRP 的價格回落至 $2.00-$2.50 區間，而融資利率再次跌回零以下。</p>
</div><p>As a result, traders reduced leverage and shifted defensively. Mildly negative funding suggests cautious sentiment, historically associated with base building and potential trend resets.</p>
<div class="lb-trans"><p>因此，交易者減少了槓桿並採取了防禦性策略。輕微負值的融資利率表明謹慎的市場情緒，歷史上與基礎構建和潛在趨勢重置相關。</p>
</div><h2><strong>What’s different this time?</strong></h2>
<div class="lb-trans"><h2><strong>這次有什麼不同？</strong></h2>
</div><p>Unlike past XRP cycles shaped by hype or regulatory drag, 2026 reflects a structurally stronger setup.</p>
<div class="lb-trans"><p>與過去由炒作或監管拖累所塑造的 XRP 週期不同，2026 年反映出結構上更強的市場環境。</p>
</div><p>The regulatory overhang disappeared after the SEC case against Ripple closed in 2025, restoring the U.S. institutional access.</p>
<div class="lb-trans"><p>在 2025 年 SEC 對 Ripple 的案件結束後，監管壓力消失，恢復了美國機構的准入。</p>
</div><p>Spot XRP ETFs launched soon after and absorbed $1.3–1.4 billion in steady inflows, effectively tightening the liquid supply.</p>
<div class="lb-trans"><p>現貨 XRP ETF 隨後推出，並吸引了 $13-14 億的穩定資金流入，有效收緊了流動供應。</p>
</div><p>Meanwhile, Ripple’s acquisitions, RLUSD stablecoin expansion, and new licenses reinforced real-world settlement use.</p>
<div class="lb-trans"><p>與此同時，Ripple 的收購、RLUSD 穩定幣擴展和新許可證加強了現實世界的結算使用。</p>
</div><p>Together, these shifts validate a higher price regime, as demand is now anchored in infrastructure, liquidity, and institutional adoption rather than speculative excess.</p>
<div class="lb-trans"><p>這些變化共同驗證了更高的價格體系，因為需求現在是基於基礎設施、流動性和機構採用，而不是投機過剩。</p>
</div><h2><strong>Liquidation clusters signal rising short squeeze risk</strong></h2>
<div class="lb-trans"><h2><strong>清算集羣信號短期擠壓風險上升</strong></h2>
</div><p>The Heatmap showed both clumps of liquidation that are concentrated around the range between $1.98 and $2.05, with the most populous at slightly above $2.00.</p>
<div class="lb-trans"><p>熱圖顯示，清算集中在 $1.98 到 $2.05 之間的範圍內，最密集的區域略高於 $2.00。</p>
</div><p>These levels were similar to the previous XRP structures in periods of extreme negative funding. The price was trading around $1.95 at press time, but downside liquidation pockets were not very strong, as they were below $1.90.</p>
<div class="lb-trans"><p>這些水平與之前 XRP 在極端負融資期間的結構相似。截止發稿時，價格在 $1.95 附近交易，但向下的清算口袋並不強勁，因為它們低於 $1.90。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/XRP-Liquidation-Heatmap24-hour-2026-01-22_12_31_24-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/XRP-Liquidation-Heatmap24-hour-2026-01-22_12_31_24-scaled.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><p>This imbalance matters. Short exposure at a price is accumulating overhead because the price is greater than $1.93-1.94. Every step of consolidation puts a strain on the market.</p>
<div class="lb-trans"><p>這種不平衡很重要。由於價格高於 $1.93-1.94，空頭頭寸在該價格上方積累。每一步的整合都對市場造成壓力。</p>
</div><p>In the past, when XRP was under heavy accumulations such as this, even small spot bids would cause cascading short liquidations. Consequently, the $2.00 to $2.05 zone is gradually becoming a squeeze trigger instead of resistance.</p>
<div class="lb-trans"><p>在過去，當 XRP 處於如此重的積累時，即使是小額現貨買入也會導致連鎖反應的空頭清算。因此，$2.00 到 $2.05 區域逐漸成為擠壓觸發點，而不是阻力位。</p>
</div><p>To sum up, timing currently dominates, as squeeze risk and seller exhaustion outweigh pure directional conviction.</p>
<div class="lb-trans"><p>總而言之，時機目前占主導地位，因為擠壓風險和賣方疲憊超過了純粹的方向性信念。</p>
</div><p>As a result, near-term upside momentum remains the highest-probability outcome despite ongoing consolidation.</p>
<div class="lb-trans"><p>因此，儘管持續整合，短期上漲動能仍然是最有可能的結果。</p>
</div><p>Investors should watch out for the funding flip to positive as confirmation of sustained trend strength.</p>
<div class="lb-trans"><p>投資者應關注融資轉為正值，以確認持續的趨勢強度。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</h2>
</div><ul>
<li><em>Negative funding and concentrated liquidation clusters above $2.00 signal rising short squeeze risk as XRP holds near $1.95 with limited downside liquidity.</em></li>
<li><em>At the same time, regulatory clarity, ETF inflows, and Ripple’s ecosystem expansion tighten supply, reinforcing upside resilience and favoring continuation over breakdown.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>負融資和集中在 $2.00 以上的清算集羣信號短期擠壓風險上升，因為 XRP 在 $1.95 附近持穩，向下流動性有限。</em></li>
<li><em>與此同時，監管透明度、ETF 資金流入和 Ripple 生態系統擴展收緊供應，增強了上漲的韌性，傾向於延續而非破裂。</em></li>
</ul>
</div>

XRP 空頭感受到壓力——為什麼這正在成為一個逼空區域