Bitget Analyst Foresees XRP Price Surge Amid Short Squeeze Speculation

XRP’s open interest has surged to nearly $5 billion, signaling heightened speculative activity and potential for a significant price breakout. Currently trading around $2.20, the token is drawing attention from traders anticipating a decisive move. Bitget’s chief market analyst, Ryan Lee, highlights the strong momentum behind this trend, suggesting a possible short squeeze could fuel further gains. As of June 4, 2025, market participants are closely monitoring XRP’s trajectory for signs of a sustained rally.

XRP Price Boom in Crosshairs as Traders Expect Short Squeeze Fueled Rally

XRP’s ballooning open interest reflects a surge in speculative activity, hinting at a potential price breakout in the NEAR term. The token trades around $2.20 as of Tuesday morning, with open interest surging to nearly $5 billion over the weekend.

Bitget chief market analyst Ryan Lee notes the spike suggests strong potential momentum, with traders bracing for a decisive move. XRP’s price is currently trading in a tight consolidation range—a technical precursor to breakouts—while consistent spot buying pressure adds to bullish sentiment.

Historically, similar setups in XRP have resulted in rapid rallies, catching short sellers off guard and triggering short squeezes. Yet, the direction of the next big MOVE remains uncertain. Without a clear catalyst, elevated open interest could exacerbate volatility, risking large-scale liquidations if sentiment turns sour.

Bitget Wallet Rebrands with ’Crypto For Everyone’ Slogan Amid 300% User Growth

Bitget Wallet has unveiled a bold rebranding strategy centered on the slogan ’Crypto For Everyone,’ positioning itself as a gateway to decentralized finance rather than a niche trader’s tool. The move comes as the platform reports a 300% surge in users, with explosive growth in Africa (959%), Europe, and the Middle East.

The wallet now integrates crypto payments, a streamlined interface, and enhanced security features. COO Alvin Kan frames this as a democratization push: ’Paying with crypto will soon be as mundane as using contactless cards.’ The redesign targets regions where traditional banking infrastructure falters, signaling a strategic pivot toward mass adoption.