XRP in Red Sea, Ripple based token in a Bearish Market

XRP is still in a deep bear market amid high selling pressure in the crypto market. Most of this year's gains have been erased as  XRP has fallen by a third from its January peak.

Cryptocurrency XRP, which is linked to Ripple, has seen a downturn in a bearish market.

The selling pressure in the crypto market has impacted XRP, which is still in a deep bear market. Most of the gains made this year have been erased, with XRP down by a third from its January peak.

The altcoins' downturn has also impacted XRP bulls, making it difficult for them to breach the monthly high.

Due to a slowdown in its ecosystem, XRP may be open to further declines.

Additionally, most XRP-based meme coins have also seen large losses this week. Over the last seven days, the XRP Army token has dropped by more than 31%.

Technical Analysis: XRP Consolidates within a Narrowing Wedge with Lower Highs and Lower Lows

This pattern often suggests that selling pressure is gradually decreasing, which could lead to an upward breakout if buyers regain control.

With a possible further decline before a bullish reversal, the current price movement suggests that XRP is testing crucial support levels.

The lower edge of the wedge is a key point to watch. If XRP maintains support at $2.25 and buying momentum picks up, XRP could be set for a bullish breakout.

However, if support fails at this level, the token could face further bearish pressure.

Such technical formations provide insight into market sentiment and potential entry points, which is why they are closely monitored by experienced traders.