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Ripple has launched rLUSD, a U.S. dollar-pegged stablecoin, to accelerate the adoption of its XRP Ledger and address volatility in the crypto space. This move aims at both retail and enterprise markets, striving to expand Ripple’s ecosystem amid regulatory shifts and rising institutional interest in stablecoin use.
In this context, the chart for XRP has formed a bearish wedge pattern on the 1-hour timeframe against the USDT pair based on data from Bitstamp. The pattern emerged after XRP’s brief recovery attempt following a sharp drop. A bearish rising wedge appears when the price moves within two converging upward-sloping trendlines, typically signaling weakening momentum and a possible breakdown.
As observed in the provided chart, Ripple’s XRP trades near $3.16 while staying below the 50-period exponential moving average (EMA), which currently hovers around $3.15. The consolidation within this wedge followed a strong downward move and reflects a slowdown in bullish pressure. This setup usually warns that buyers are losing control, increasing the probability of a downward breakout.
The chart also displays a breakdown projection with a downward arrow pointing to $2.64, representing a potential 19% decline from the current price level. Two support levels are marked – first around $2.86 and then further down near $2.64, which aligns with the projected fall. If XRP breaks below the wedge with strong volume, it could confirm the bearish outlook and trigger a move toward these lower targets.
Source: coinchapter.com
