XRP Technical Analysis: Double Top Signals Potential Downturn, But Bullish Breakout Targeted at $3.69

COINOTAG News reports on May 15th that XRP has exhibited notable patterns following comprehensive technical analysis. The cryptocurrency has formed a double top formation at $2.65 and established a neckline at $2.47. A breakdown of the rising wedge indicates potential further decline; traders should monitor this closely. If XRP’s price dips below the neckline, the next substantial support level is identified at $2.30, suggesting a pause or reversal in the ongoing uptrend. Additionally, a breach below this threshold might trigger an accelerated downturn, possibly reaching $1.94.

Within the critical range of $2 to $2.04, a significant long leverage position of $50 million has been noted, amplifying the liquidation risk. The on-chain metric known as NUPL (Net Unrealized Profit/Loss) has entered a pivotal “Belief-Denial” zone, historically associated with noteworthy pullbacks reminiscent of trends observed in 2018 and 2021. The ongoing struggle between long and short positions for XRP could lead to a breakout, speculated to target $3.69 by June, contingent on surpassing the prolonged falling wedge pattern. Meanwhile, both the symmetrical triangle and Fibonacci extensions suggest a long-term objective of $5.24.