Market Momentum Weakens Below Key Technical Levels
XRP is currently under renewed bearish pressure, as technical indicators point toward a potential downturn in price action. A breakdown from a rising wedge formation — a historically bearish chart pattern — suggests that the recent recovery attempt from early April may have lost steam.
Technical analysts observed the breakdown during early Wednesday trading in Asia, as XRP failed to hold its support within a rising wedge — a formation characterized by narrowing price swings with higher highs and higher lows. This structure often indicates weakening bullish momentum and, once breached to the downside, tends to signal a bearish shift.
Adding to the negative outlook, XRP’s price has slipped below the Ichimoku Cloud on the hourly chart — a momentum-based indicator that tracks support and resistance as well as trend direction. The cloud’s breach further validates the weakening trend.
Market watchers now identify the region around $1.60 — the level near XRP’s April 7 low — as a potential target if the bearish trajectory continues. This zone marks the base of the wedge formation and could act as a key support level in the event of further price erosion.
For bulls, the technical ceiling remains Tuesday’s high of $2.18. A decisive move above this level would be necessary to challenge the prevailing negative sentiment and re-establish upward momentum.
With XRP positioned below crucial technical thresholds, traders and investors alike will be closely watching upcoming price action to determine whether the cryptocurrency can recover or continue its slide toward lower support zones.