$XRP has entered a critical consolidation zone near $1.40 after a volatile start to the year, as the market balances a historical "February curse" against record-high institutional inflows into recently launched spot ETFs. Despite the asset shedding nearly 30% of its value from the January open, on-chain metrics reveal a significant divergence: while the price remains under bearish pressure, the funding rate on major exchanges has dipped to its lowest point since early 2025. This suggests that short-seller exhaustion may be setting in, potentially carving out a durable floor for a recovery toward the $1.90 resistance level if the current support at $1.11 continues to hold.

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