Analysis: XRP’s recent upward momentum may face the risk of a short-term correction

Odaily Planet Daily News Technical analysis shows that XRP formed a "double top" pattern near $2.65 and fell below the $2.47 neckline, indicating that it may fall to $2.30. In addition, XRP also fell below the lower edge of the "rising wedge". If it loses the $2.00-2.04 range, it may trigger a long liquidation of about $50 million, further pushing the price down to $1.94. The on-chain indicator NUPL shows that the market is in a "denial" stage, similar to the state before the sharp corrections in 2018 and 2021. Despite the short-term downward pressure, the long-term technical pattern still shows potential upside. If it successfully breaks through the upper edge of the multi-month "descending wedge", XRP may rise to $3.69 by June. (Cointelegraph)