Analysis: XRP turns bearish after ‘rising wedge’ breakdown

XRP’s short-term outlook has turned bearish after breaking down from a “rising wedge” pattern, a technical formation that often signals weakening bullish momentum and a potential trend reversal, according to CoinDesk. The breakdown suggests sellers are regaining control, with $1.60 identified as a key support level. Adding to the negative sentiment, XRP has also dipped below the Ichimoku Cloud on its hourly chart. For the bearish outlook to be invalidated, bulls would need to reclaim April 15’s high of $2.18.