XRP Price Drops as Rising Wedge Pattern Signals Bearish Reversal

XRP is facing renewed selling pressure after breaking below a key technical pattern known as a "rising wedge," pointing to a bearish shift in the near-term outlook. The pattern, which is formed by converging trendlines connecting higher highs and higher lows, typically suggests weakening bullish momentum. A breakdown below the lower trendline often marks the beginning of a downward trend.

In early Wednesday trading during Asia hours, XRP fell below its rising wedge support, signaling that its recovery attempt from the April 7 low of around $1.60 has likely failed. This breakdown opens the door for a potential drop back toward the $1.60 support level, which now becomes the key downside target for traders.

Further compounding the bearish sentiment, XRP has also slipped below the Ichimoku Cloud on the hourly chart. This momentum indicator is widely used by traders to identify trend strength and direction. Dropping below the cloud reinforces the outlook of weakening bullish momentum and increases the likelihood of continued price decline.

To shift sentiment and invalidate the bearish scenario, XRP would need to reclaim and surpass Tuesday’s high of $2.18. Until that happens, technical indicators suggest sellers remain in control of the market.

With XRP trading below major support levels and technical signals aligning to the downside, traders should brace for further weakness unless a strong bullish reversal emerges above $2.18.