Technical analysis shows that XRP formed a “double top” pattern near $2.65 and broke below the $2.47 neckline, signaling a possible dip to $2.30. In addition, XRP also broke below the lower edge of the “rising wedge”, and a break below the $2.00–$2.04 range could trigger a close of long positions of around $50 million, further pushing the price down to $1.94. The on-chain metric, NUPL, shows that the market is in a “denial” phase, similar to the state before the big pullbacks in 2018 and 2021. Despite the short-term downward pressure, the long-term technical pattern still shows potential upside, and a successful break above the upper edge of the multi-month “falling wedge” could see XRP rise to $3.69 by June. （Cointelegraph）
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