XRP is showing a pattern that has historically led to short-term price rebounds, with bulls eyeing $5 despite a recent dip. The hidden bullish divergence on the three-day chart indicates weakening downside momentum, similar to past instances where XRP saw quick rebounds but not long-lasting rallies. XRP dropped 11.95% in the last 24 hours, trading at $2.229. Analysts suggest a potential bounce from the current support range, with an upside target of $5 in case of a breakout, representing a 115% gain. Over $695 million in XRP shorts are at risk, with an imbalance between long and short positions signaling growing pessimism among traders. Short-side liquidity is concentrated between $2.60 and $3.50, potentially triggering a short squeeze, while long-side liquidity is scarce below $2.16. This setup suggests limited downside risk for XRP in the near term, with the potential for increased upside volatility if prices climb into the short-heavy zone.

Read more at Cointelegraph: Is the $5 Price Target Still in Play?