BlockBeats news, on May 15th, according to Cointelegraph, based on technical analysis, XRP formed a double top at $2.65, with a neck line of $2.47, and the upward wedge has broken through. Technical indicators show that if the price continues to fall below this level, the downward target is $2.30, and there is a possibility of a temporary pause in the upward trend. If it falls below the bottom support, it may accelerate the decline by 20% to $1.94. There is a $50 million long leveraged position in the range of $2 to $2.04, and the risk of strong liquidation will intensify selling pressure. The on chain NUPL indicator (net unrealized profit and loss) has entered the "belief denial" range, which historically indicates a significant correction, such as in 2018 and 2021. The short-term long short game of XRP is intensifying, and if it can break through the multi month downward wedge, it will see an upward trend of $3.69 (+45%) in June. The symmetric triangle and Fibonacci expansion point to a long-term target of $5.24.
