Ripple’s XRP Faces Short-Term Downturn Amidst Long-Term Bullish Projections

Ripple’s XRP has recently rebounded significantly, surging over 50% in the past month after reaching a low of $1.80. This surge is attributed to improved risk appetite and anticipation for a ‘altseason’. However, technical analysis suggests potential short-term downside risks for the cryptocurrency. A double top formation near $2.65, characterized by two peaks followed by a neckline around $2.47, indicates a possible trend reversal. XRP broke below this neckline after the second peak, confirming bearish momentum. This drop could lead to a decline towards $2.30 if buyers fail to push the price above $2.65, signaling weakening momentum after a robust rally.