XRP $0.99 Price Target Draws Scrutiny Amid Rising Short Positions
Santiment data reveals profitable wallets are betting against XRP as market volatility persists.
1Bearish Sentiment Among Whales
Blockchain analytics firm Santiment reported that profitable XRP wallets are increasingly leaning toward bearish positions. As of November 6, only one major wallet remained long, while three active short sellers accumulated 2.1 million XRP since late October. This shift highlights a growing skepticism among large holders regarding the token's near-term price stability.
2The $0.99 Price Forecast
A trader on the Score Arena platform forecasted an XRP price drop to $0.99, setting a failure condition if the token closes above $1.36. With XRP trading near $1.16 on November 7, the asset requires an additional 15% decline to hit this target. The forecast has sparked intense debate regarding market-wide selling trends.
3Score Arena Trading Dynamics
Santiment’s Score Arena, currently in a closed beta phase, allows traders to submit forecasts while stakers support performers. The platform noted that traders opposing the $0.99 call have suffered losses during the recent decline. These results remain provisional until the scheduled resolution of the prediction on November 19, nearing its final window.
4Perpetual Futures and Exposure
Perpetual futures trading allows participants to gain exposure to price movements without owning the underlying XRP tokens. Short positions profit from falling prices, whereas long positions benefit from growth. This mechanism differs from spot wallet holdings, where investors maintain actual ownership of the digital assets, impacting how traders hedge their market risks.
5Large Wallet Accumulation Trends
Despite the bearish short-term outlook, data shows that wallets holding at least 1 million XRP reached 2,147 on November 3, the highest count of 2026. This category expanded by 28 addresses in just ten days. Such accumulation suggests that while traders hedge, some large entities continue to increase their long-term token holdings.
6Network Activity and Growth
The XRP Ledger recorded 7,934 new wallets on November 1, marking the sixth-highest daily total for the year. Santiment suggests that a constructive outlook depends on daily wallet creation staying above 4,000 and the price recovering above $1.30. Conversely, a drop below $1.20 would likely weaken these positive network signals significantly.
7Exchange Scarcity and Reserves
A Binance XRP scarcity gauge reached a four-year high near 2.1 on November 5, according to Cryptoquant. Higher readings indicate greater relative scarcity for trading. Meanwhile, total XRP reserves on Binance rose to 2.63 billion tokens on November 5, up from 2.35 billion on November 3, reflecting shifting liquidity levels on exchanges.
8Market Context and Outlook
The current market environment for XRP is defined by a tension between rising short positions and increased long-term wallet accumulation. As the November 19 resolution date for the $0.99 forecast approaches, traders are closely monitoring price volatility. The interplay between network growth and futures activity remains critical for determining future price direction.
Original article: Bitcoin News — XRP $0.99 Price Target Draws Scrutiny Amid Rising Short Positions