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On May 25, the price slipped below this channel, confirming a breakdown that could carry the token further south.
Volume also picked up during the breakdown, which strengthens the bearish case. Market participants are clearly responding to the pattern, which has historically had a high probability of continuation.
The next logical target lies near the $2.00-2.14 level, a horizontal support range that held during April and aligns with the projected move from the height of the flagpole.
XRP’s bearish outlook is further reinforced by the price closing below both its 50-period (the red wave) and 200-period (the blue wave) exponential moving averages (EMAs).
These EMAs, once short-term support zones, have now flipped into resistance. Meanwhile, the relative strength index has slipped to 36.47, indicating mounting bearish momentum that’s not yet oversold, leaving room for further downside without a technical rebound.
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