XRP has come under renewed pressure after falling 11.6% since May 14, with analysts closely watching whether the token can recover above key resistance levels.
Market participants are focusing on a descending broadening wedge pattern that some traders believe could determine XRP’s next major move. The discussion gained attention after crypto analyst EGRAG CRYPTO outlined both bullish and bearish scenarios for the asset.
XRP Slides 11.6% Amid Broader Market Weakness
There has been an overall downtrend witnessed in XRP for the last couple of weeks, due to the general weakness in the altcoin market. The Ripple token has been in a broadening wedge formation, a type of pattern known for being very volatile and having no definitive market direction. Traders are now monitoring whether the Ripple token can stabilize near current support levels.
It is important to point out that XRP had been making lower lows of $1.61, $1.37, and $1.11 from April 2025 to February 2026. The above-mentioned levels were part of the lower line of the wedge pattern. It should be mentioned that the testing of support zones shows that the Ripple token is at an important technical stage.
Also Read: XRP ETF Records $22 Million Inflows as Capital Rotation Intensifies Activity
Analysts Identify $3 as Key Resistance Level
According to technical analysts, for any upward momentum to build up, XRP has to first break above the upper trendline of the wedge formation.
The key resistance level of $3, as mentioned by EGRAG CRYPTO, may determine if bullishness is revived in the market. Until then, traders are expected to remain cautious.
A break above $3 would confirm the breakout from the existing formation, allowing for further upside moves. But, according to experts, the higher levels act as magnet points for selling pressure. Traders should keep an eye on the trading volumes for clues on future performance.
Broadening Wedge Pattern Draws Attention
The broadening wedge pattern has emerged as a very important issue that has been discussed by many investors who invest in XRP because of its significance in technical analysis.
Broadening wedge patterns are generally described by wide ranges of prices and increased levels of uncertainty. Analysts often interpret them as either continuation or reversal patterns depending on market conditions.
Egrag suggested there is a 53% probability that the Ripple token could eventually move toward the $7 to $11 range if a breakout occurs. The projection is based on the structure of the wedge and previous price behavior. However, the analyst emphasized that the scenario remains conditional on the Ripple tokens first reclaiming key resistance levels.
Support at $1.11 Remains Critical for XRP
However, while traders concentrate on potential targets, the analysts mentioned the risks associated with a breakdown below the support line, which could be another factor influencing the market sentiment.
Currently, the level of $1.11 is considered among the key support lines for the altcoin. In case of a breakdown, it is estimated to have the potential to fall to $0.32.
In the given scenario, the breakdown below the support line will indicate a significant fall for it to reach the price of $0.32. Investors thus need to observe if bulls keep supporting the existing support lines.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: XRP Capital Expansion Signals Explosive $20 Potential
