#xrp

According to ChainCatcher, technical analysis shows that XRP formed a "double top" pattern around $2.65 and fell below the $2.47 neckline, indicating that it may fall to $2.30.

In addition, XRP also fell below the lower edge of the "rising wedge". If it loses the $2.00-2.04 range, it may trigger about $50 million in long positions to be liquidated, further pushing the price down to $1.94.

The on-chain NUPL indicator suggests the market is in a "denial" phase, similar to the conditions preceding sharp corrections in 2018 and 2021. Despite short-term downward pressure, long-term technical patterns suggest potential upside, and a successful breakout above the upper edge of a multi-month "descending wedge" could push XRP to $3.69 by June.