$XRP has surged over 50% in the past month from a low of $1.80, driven by improved risk appetite and anticipation of an 'altseason,' according to Cointelegraph. However, technical patterns signal short-term downside risks. A double top formation near $2.65, with a neckline at $2.47, suggests a potential reversal, with XRP falling below this level indicating a possible drop to $2.30 if it fails to reclaim $2.65. Additionally, a breakdown from a rising wedge pattern and a test of the 50-4H EMA support point to a potential 20% decline to $1.94, especially if the $2.00–$2.04 range triggers a long squeeze.
On-chain metrics like NUPL show traders in a 'denial' phase, historically linked to corrections, as seen in 2018 and 2021. Despite these risks, XRP’s long-term outlook remains bullish. A breakout from a multimonth falling wedge could drive a 45% rally to $3.69 by June, with further targets at $5.24 or $17 based on technical patterns. However, falling below key EMAs and the wedge’s trendline could push XRP toward $1.75, invalidating the bullish setup. While short-term pullbacks loom, XRP’s long-term charts suggest the rally may continue.