Based on Google Trends data, retail interest in XRP hit a dramatic high in December 2024. However, as of press time, it has seen a sharp nosedive, trending almost 90% below that high.

As a result, market analyst Steph Is Crypto noted that the buzz for the token looks to be fading.

In a post shared on X, market analyst Steph Is Crypto highlighted what might be the most overlooked bullish signal in XRP’s recent performance.

As the cryptocurrency continues to struggle in the lower $2.0 range, interest from retail traders has sharply decreased.

According to data from Google Trends, retail interest in XRP reached a dramatic high in December 2024. However, as of press time, it has seen a sharp nosedive, trending almost 90% below that high.

As a result, the analyst noted that the buzz for the token looks to be fading.

The analyst’s chart shows that interest in the altcoin was relatively flat across early and mid-2024, while the cryptocurrency moved sideways with minimal pixel movements.

Yet, momentum began to pick up, and by Q4, that rate increased with a firm December bump driven entirely by speculation or hype tides.

Since then, interest in the token has decreased steadily, approaching last year’s low. This waning enthusiasm is mirrored in XRP’s price action.

According to data on CoinMarketCap, the token started the week at $2.28, briefly rising to $2.30 before dropping to a low of $2.06. Currently, it is trading in the $2.10 range, down 3.02% in the past 24 hours.

However, not all hope is lost. Contrary to the dip in XRP’s price and popularity, analysts are bullish on the token, citing long-term fundamentals.

Analyst Predicts 1,200% XRP Rally Amid Classic Bear Trap Setup

One such example is market analyst Steph Is Crypto, who has flagged what could be one of the most overlooked bullish signals in the token’s recent history: a repeat of a false bear trap setup that looks eerily similar to a similar one that preceded a 560% price explosion in late 2024.

According to the analyst’s chart, two key accumulation points—dismissed by the broader market as breakdown moments—marked the launchpads for dramatic surges. The first trap was around November 2024, when the cryptocurrency rose from roughly $0.50 to $3.30.

Following the pullback to the $1.60 range, the token now sees the second setup forming, and the price has already accelerated. With retail pessimism plummeting close to 90%, Steph warns traders not to be ‘fooled’ by short-term dips, as this could indicate the last shakeout preceding a major breakout.

Analyzing the chart more thoroughly, Steph shows that the cryptocurrency will likely trend vertically, forecasting an overshoot to $27, a 1,200% gain compared to recent lows of $2.10. This analysis hints at ignoring retail noise and focusing only on pattern recognition and momentum shifts.

Besides, if history indicates what’s to come, the altcoin may be on the cusp of its biggest rally.

XRP Technicals Show Ticking Time Bomb for Short Sellers

New liquidation data reveals a highly imbalanced leverage setup, suggesting the altcoin is primed for a significant breakout. According to the latest XRP Exchange Liquidation Map from CoinGlass, nearly $100 million in cumulative short liquidation leverage is stacked just above the $2.321 level, implying that a great short squeeze is in the making.

In contrast, cumulative long liquidation exposure remains notably lower, at approximately $70 million. This discrepancy showcases that the vulnerability of short positions is increasing. Key liquidation clusters stand out:

* A large portion of short positions will be liquidated if the price rises to $2.321, the level at which most short positions are concentrated.

* As the price increases further, there are additional liquidation zones at $2.414 and $2.485, with a smaller cluster around $2.373.

* Conversely, if the price drops, the first support zone is around $1.94, where a denser cluster of long positions begins.

This shows that the cryptocurrency is at a pivotal point, currently trading at $2.097, below a dense cluster of short positions. If prices decisively move higher, a liquidation cascade could see prices shoot up as shorts are forced to close their positions.

Notably, this setup fuels the potential for a rally, as retail sentiment has waned, and an illusion of a bear trap pattern is forming. As the moment builds, it looks like XRP’s about to kick it.