Analysis: XRP's recent upward trend may face short-term pullback risks

Odaily Planet Daily News: Technical analysis shows that XRP formed a "double top" pattern around $2.65 and fell below the $2.47 neck line, indicating a possible drop to $2.30. In addition, XRP has also fallen below the lower edge of the "rising wedge". If it falls within 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" phase, similar to the state before the significant pullback in 2018 and 2021. Despite short-term downward pressure, the long-term technical pattern still shows potential upward potential. If XRP successfully breaks through the upper edge of the multi month "downward wedge", it may rise to $3.69 before June. （Cointelegraph）