Analysis: XRP's recent upward momentum may face short-term correction risks
ChainCatcher news, according to Cointelegraph, technical analysis shows that XRP has formed a "double top" pattern around $2.65 and has broken below the $2.47 neckline, indicating a possible drop to $2.30.
In addition, XRP has also broken below the lower edge of the "rising wedge." If it fails to hold the $2.00--$2.04 range, it could trigger about $50 million in long liquidations, further pushing the price down to $1.94.
On-chain indicator NUPL shows that the market is in a "denial" phase, similar to the state before significant corrections in 2018 and 2021. Although there is short-term downward pressure, the long-term technical pattern still shows potential for upward movement. If it successfully breaks through the upper edge of the multi-month "descending wedge," XRP could rise to $3.69 before June.