XRP Price Breakdown Signals Bearish Trend Following Rising Wedge Pattern
XRP's price outlook has turned bearish following a breakdown from a "rising wedge" pattern. Key points include:
- The rising wedge indicates weakening upward momentum.
- XRP fell below the lower trendline, signaling a shift to a bearish trend.
- The price drop occurred after failing to recover from April 7 lows near $1.60.
- Technical analysis suggests XRP may test $1.60 as initial support after the breakdown.
- XRP is below the Ichimoku Cloud on the hourly chart, reinforcing the bearish sentiment.
- Bulls need to surpass Tuesday's high of $2.18 to reverse this outlook.
