Analysis: XRP's Recent Uptrend May Face Short-term Pullback Risk

According to Cointelegraph, technical analysis shows that XRP has formed a "double top" pattern near $2.65 and broke below the $2.47 neckline, indicating a potential decline to $2.30.

Additionally, 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 approximately $50 million in long liquidations, further pushing the price down to $1.94.

On-chain indicator NUPL shows the market is in a "denial" phase, similar to the state before significant pullbacks in 2018 and 2021. Despite short-term downward pressure, long-term technical patterns still indicate potential upside. If it successfully breaks above the multi-month "descending wedge," XRP could rise to $3.69 by June.