The XRP (XRP) market is flashing warning signs as a bearish technical pattern emerges on its weekly chart, coinciding with macroeconomic pressures from anticipated US tariffs in April.
XRP descending triangle pattern hints at 40% drop
Since its late 2024 rally, the XRP price chart has been forming a potential triangle pattern on its weekly chart, characterized by a flat support level mixed with a downward-sloping resistance line.
A descending triangle pattern forming after a strong uptrend is seen as a bearish reversal indicator. As a rule, the setup resolves when the price breaks below the flat support level and falls by as much as the triangle’s maximum height.
XRP/USD weekly price chart. Source: TradingView
As of March 28, XRP was testing the triangle’s support for a potential breakdown move. In this case, the price may fall toward the downside target at around $1.32 by