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XRP's recent price action has formed a concerning inverted V-shaped pattern on daily charts, signaling potential trouble for the sixth-largest cryptocurrency. After peaking at $2.65 in May, the digital asset has already retreated 18%, with technical indicators pointing toward further declines. Market analysts warn this formation could trigger a 20% drop to the $1.70 support level — a critical threshold last tested in April.
The weekly Relative Strength Index (RSI) reveals a troubling divergence, dropping from 92 to 51 since November 2024 despite XRP's price making higher lows. This classic bearish signal often precedes extended corrections when momentum indicators fail to confirm price highs. On daily charts, the RSI's plunge from 68 to 41 since mid-May confirms growing selling pressure.
——Technical analyst MasterAnanda notes: "The bearish momentum continues growing despite occasional bounces. Three consecutive daily closes below the rising channel suggest the correction might continue until $1.72."——
Glassnode data reveals alarming drops in XRP Ledger usage, with daily active addresses collapsing 【93%】 from March's 608,000 peak to just 31,200 currently. New addresses created daily have similarly dwindled from 15,800 to 4,400 — suggesting weakening network adoption. Historically, such on-chain activity declines correlate strongly with price stagnation or further downside.
Traders are closely monitoring the $1.70-$1.72 zone where multiple technical factors converge:
• The inverted V-pattern's measured move target
• Previous consolidation area from April
• Psychological round-number support
Failure to hold this level could open the door to deeper corrections, while successful defense might establish a base for recovery. With resistance firmly established between $2.50-$2.65, XRP appears likely to remain range-bound in coming weeks unless fundamental catalysts emerge.
Remarkably, this technical outlook emerges despite Ripple's ongoing legal clarity advantages over other cryptocurrencies. The divergence between regulatory progress and price action highlights how macroeconomic factors and broader crypto market trends increasingly drive XRP's valuation.