- XRP is showing signs of a short-term pullback, with bearish patterns like a double top and rising wedge pointing to a possible drop to $1.94.
- However, long-term indicators remain optimistic, with projections suggesting potential gains up to $17 if key support levels hold.
XRP has surged over 50% in the past month, climbing from $1.80 to $2.47, driven by renewed investor interest and expectations of an impending altseason. However, technical indicators now suggest that this rally may be losing momentum, and a short-term correction could be on the horizon.
Bearish Patterns Signal Near-Term Trouble
XRP’s price action has formed a double top pattern near $2.65, with a neckline at $2.47. The drop below this neckline confirms a potential bearish reversal, signaling a likely move toward $2.30.
Adding to the concern is a rising wedge breakdown, typically a bearish signal that could drive XRP down by another 20% to around $1.94. This level is significant because it overlaps with a highly leveraged long position zone, where a breakdown could trigger forced liquidations and intensify the sell-off.
On-Chain Metrics Echo Warning Signs
XRP’s Net Unrealized Profit/Loss (NUPL) metric has entered the Belief–Denial zone, a phase that has historically preceded sharp declines. This suggests that while many traders still anticipate further gains, the actual momentum may be fading — a potential red flag echoed in past market cycles.
Long-Term Projections Still Favor Bulls
Despite the short-term risks, XRP’s long-term charts remain bullish. A breakout from a multi-month falling wedge could fuel a rally toward $3.69 by June, provided it holds above key moving averages.
Broader projections even point to targets of $5.24 and $17, based on symmetrical triangle formations and Fibonacci extension levels.
In conclusion, while XRP’s short-term outlook appears shaky due to bearish technical patterns and sentiment metrics, the broader trend continues to favor upside potential. Traders may see a temporary pullback, but the long-term bull case remains intact — at least for now.
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