XRP Faces Bearish Outlook as Rising Wedge Pattern Emerges

According to Odaily, XRP has formed a 'rising wedge' pattern on its technical chart, indicating that the recent rally to $1.60 may have concluded, with sellers regaining control of the market. This pattern, characterized by converging highs and lows, typically signals a weakening upward momentum. If the price falls below the lower boundary, it could lead to further declines. Currently, XRP has dropped below the Ichimoku cloud support, reinforcing the bearish signal. If it fails to surpass the recent high of $2.18, there is a risk of the price retreating to the $1.60 support level.