As of May 15, 2025, the XRP price rally appears to be encountering significant short-term challenges, raising questions about its immediate trajectory. After a robust rebound of over 50% from a local low of $1.80, XRP has formed a double top pattern near $2.65, signaling a potential trend reversal. This bearish setup, characterized by two distinct peaks and a neckline at approximately $2.47, suggests that without a breakout above $2.65, XRP could see a downward move toward $2.30.
Compounding this bearish sentiment, XRP has also broken down from a rising wedge pattern, indicating a shift from bullish to bearish momentum. The cryptocurrency is currently testing support from the 50-4H exponential moving average. A breakdown below this support could lead to a further decline of around 20%, bringing XRP closer to the $1.94 target.
Interestingly, data from Glassnode indicates that XRP traders are in a state of “denial,” as reflected in the Net Unrealized Profit/Loss (NUPL) metric. Historically, this phase has often preceded significant corrections, as seen in previous downturns in 2018 and 2021.
Despite these short-term risks, long-term charts for XRP remain bullish, with projections suggesting potential price targets between $3.69 and $17. A breakout from a multimonth falling wedge could lead to a 45% rally by June, although failure to maintain key support levels could invalidate this bullish outlook.
In summary, while XRP faces potential short-term pullbacks, its long-term prospects continue to suggest a resilient market stance. Investors are advised to remain vigilant and conduct thorough research as the market evolves.
