XRP's recent rally has sparked market discussions. From a data perspective, the current situation presents an interesting contrast.

Retail enthusiasm is indeed high—over 54% of participants are bullish, and the exchange's long positions account for 83%. Historical experience tells us that when market participants' views are highly aligned, it often signals risk.

More notably, the liquidation data is worth paying attention to. Within 24 hours, long position liquidations are 1.9 times the short liquidations. This means that behind every price increase, a large number of retail positions are being liquidated. Whether this pattern can continue is worth pondering.

From a capital perspective, there has always been a long-term net outflow of funds. This indicates that institutional participation in this wave of the market is relatively limited, and the market's heat is mainly driven by retail traders.

Based on these observations, we need to stay alert to several key price levels:

1. 1.8580 is the first support. If broken, it suggests the current upward trend may face a reversal.
2. 1.8000 represents a historical value zone and could become a stronger support level.
3. 1.8500 is a potential target for medium-term correction.

In trading, the most important thing is not to be bullish or bearish, but to have a clear understanding of risk. When market consensus is too high, planning an exit strategy in advance is often wiser than chasing highs.