XRP Faces Bearish Pressure as Rising Wedge Breakdown Signals Weakening Momentum

XRP Faces Bearish Pressure as Rising Wedge Breakdown Signals Weakening Momentum

XRP, the payments-oriented cryptocurrency, is currently grappling with a bearish outlook as technical indicators point toward declining bullish momentum. The recent price action has confirmed a breakdown from a rising wedge pattern—typically considered a bearish reversal signal.

This pattern, defined by two converging trendlines connecting higher highs and higher lows, indicates that buyers are gradually losing strength. Once the price slips below the lower boundary of the wedge, it often marks the start of a downward trend.

During early Asian trading on Wednesday, XRP breached the lower support of the wedge, signaling that the recovery attempt from the April 7 low near $1.60 may have run out of steam. With sellers appearing to regain control, this level could now act as a potential downside target.

Adding to the negative sentiment, XRP has also fallen below the Ichimoku Cloud on the hourly chart—a momentum indicator that further reinforces the bearish bias suggested by the wedge breakdown.

For bulls to regain control and invalidate this negative outlook, they would need to push prices above Tuesday’s high of $2.18. Until then, the path of least resistance appears to lead lower.