XRP, Ripple's native token, is positioned for a potential short squeeze amid growing market optimism. Currently trading at $2.21, XRP is consolidating within a descending wedge pattern, a setup often preceding significant breakouts. Analysts suggest that a break above $2.35 could trigger a price surge, risking the liquidation of $272.3 million in short positions. Ripple's strategic moves, including a bid for a U.S. banking license and the launch of its stablecoin RLUSD, have contributed to a 9.1% increase in XRP's price. The derivatives market reflects heightened trader optimism, with increased activity in XRP futures and options. Additionally, speculation about a potential XRP spot ETF, with a 92% approval probability, and favorable legal developments with the SEC are bolstering investor confidence.