XRP technical divergence intensifies, is it a drop and then a rebound? Or will it first plummet?
Technical analysis shows that XRP has formed a typical 'double top' around $2.65 and has broken below the neckline at $2.47, with a downward target set at $2.30. At the same time, the price has also fallen below the lower edge of the 'rising wedge'; if it loses the range of $2.00–$2.04, it is expected to trigger a $50 million long liquidation, accelerating the decline to $1.94.
On-chain indicator NUPL shows that market sentiment is in the 'denial' stage, similar to the sharp declines in 2018 and 2021.
However, the long-term structure has not been damaged. If it can successfully break through the upper edge of the descending wedge, XRP may complete a reversal before June, aiming for $3.69.
A typical scenario of short-term bearish and long-term bullish, a 'squat' before the rebound; do you dare to catch the falling knife or wait for a breakthrough?
