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XRP entered the weekend caught between a fresh utility boost and a still-fragile market backdrop, as traders weighed the launch of wrapped XRP on Solana, deeply negative funding rates that hint at contrarian upside, and a bearish chart setup pointing to another 20% pullback.
Traders stayed restrained over the weekend after President Donald Trump said Iran had agreed to suspend its nuclear program on a non-binding basis and that a broader deal to end the war was close.
Tehran has not confirmed Trump’s claims, even though the reported terms appear to clash with its long-held position that it has the right to enrich uranium.
That mismatch kept XRP bulls from fully embracing the risk-on narrative, with traders treating the headline as politically significant but not yet credible enough to justify aggressive upside positioning.
Wrapped XRP (wXRP) launched on Solana, allowing XRP holders to access Solana decentralized finance without selling their native tokens.
The token is backed by Hex Trust and powered by LayerZero. It is redeemable 1:1 for XRP and debuted with over $100 million in total value locked (TVL).
The integration expands XRP’s use case into trading, lending, and liquidity provision across Solana-based apps, though it still carries standard custody and cross-chain risks.
Funding rates on Binance have remained mostly negative since the start of 2026, suggesting traders are still leaning broadly bearish despite XRP’s steep correction.
That matters because crowded downside positioning can sometimes create contrarian rebound conditions when bearish sentiment becomes consensus after a major drawdown.
XRP is currently down around 60%, yet derivatives traders continue to bet on further weakness instead of a recovery.
A similar setup in the past preceded a sharp rally from roughly $1.60 to $3.60, a gain of about 127%.
XRP is flashing signs of another pullback after running into resistance at a descending trendline that has capped every major rebound since February.
The latest rejection came near the $1.50 area, where XRP also struggled to build momentum above its key moving averages. This keeps the token’s broader lower-high structure intact and raises the likelihood of a deeper retracement.
The setup resembles two earlier rally failures this year, both followed by declines of roughly 20% to 23%. If the pattern repeats, XRP could slide toward the $1.27–$1.30 support zone next.
A breakout above the trendline would invalidate the bearish outlook, but for now, the chart continues to favor sell-the-rally conditions.
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