XRP Faces Bearish Signal: Rising Wedge Pattern Emerges

The technical picture for XRP suggests a potential reversal in momentum. According to Odaily, the cryptocurrency has formed a ‘rising wedge’ pattern on its chart, signaling that the recent rally towards $1.60 may have ended. This pattern is characterized by converging highs and lows, often indicating weakened upward momentum. If XRP’s price breaks below the lower boundary of this pattern, further downward pressure could follow. Currently, XRP is trading below support provided by the Ichimoku cloud, adding to the bearish outlook. A failure to surpass its recent high of $2.18 could see prices retreat towards the $1.60 support level.