- XRP is showing a bearish rising wedge pattern on its chart, indicating a potential drop to $1.60 if it breaks below the support line.
- To avoid this downtrend, XRP needs to recover and hold above the $2.18 level.
XRP, which recently enjoyed a steady upward trend, is now facing technical pressure that could shift momentum downward. According to an analysis by CoinDesk, a rising wedge pattern has formed on XRP’s chart—a formation often viewed as a bearish reversal signal in technical analysis.
Bearish Signals on the Horizon
A rising wedge pattern is typically identified by converging trendlines that slope upward. In XRP’s case, the pattern suggests a loss of bullish momentum, and a potential price breakdown appears to be looming. CoinDesk’s report notes that the support line of the wedge is key—if XRP closes below this level, the price could plummet to around $1.60.
Adding to the bearish sentiment, analysts pointed out that XRP has fallen below the Ichimoku Cloud on the hourly chart, which is another indicator of possible downward movement. This signals weakening market confidence and could suggest a shift in sentiment from bullish to bearish in the short term.
Bulls Must Defend the $2.18 Level
Despite the gloomy outlook, there’s still a clear target for XRP to invalidate this pattern. Analysts suggest that XRP must reclaim the $2.18 level to break free from the rising wedge and reassert a bullish trend. A recovery to this price could neutralize the current downtrend concerns and restore investor confidence.
This analysis comes after XRP had been on an upward trajectory over the past week, making this reversal warning particularly significant for short-term traders and investors. If the support holds, XRP may consolidate before attempting another upward push—but if it fails, a steeper correction could follow.
What’s Next for XRP?
While the long-term fundamentals for Ripple and its ecosystem remain a topic of broader debate, this chart-based analysis provides a critical near-term perspective. For now, XRP holders should keep a close eye on key price levels—particularly support around $1.60 and resistance near $2.18.
As market volatility continues and patterns unfold, XRP’s fate could hang in the balance between a confirmed bearish breakdown and a bullish breakout.
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