Analysis: XRP breaks below the "rising wedge" support, indicating potential pullback risks in the near term

ChainCatcher news, according to CoinDesk, XRP has formed a "rising wedge" pattern in the technical chart, indicating that the recent rebound to $1.60 may have ended, with sellers regaining control of the market. This pattern consists of gradually converging highs and lows, usually signaling a weakening upward momentum. If the price breaks below the lower trendline, it could trigger further declines.

XRP has currently fallen below the Ichimoku cloud support, reinforcing the bearish signal. If it cannot break through the recent high of $2.18, there is a risk that the price may retreat to the support level of $1.60.