Analysis: XRP formed a double top at $2.65, with $2 to $2.04 seeing a $50 million long leverage.

BlockBeats News, May 15th, according to Cointelegraph, based on technical analysis, XRP formed a double top at $2.65, with a neckline at $2.47, and the rising wedge has broken down. Technical indicators show that if the price continues to fall below this level, the next downside target is $2.30, indicating a potential pause in the uptrend. If the price falls below the lower support, it could accelerate the drop by 20% to $1.94.

In the $2 to $2.04 range, there is a $50 million long leverage position, increasing the risk of liquidation pressure. The on-chain NUPL (Net Unrealized Profit/Loss) indicator has entered the "Belief-Denial" zone, historically signaling a significant pullback, as seen in 2018 and 2021. The short-term long/short battle for XRP intensifies, with a potential June target of $3.69 (+45%) if it can break out of the multi-month falling wedge, while a symmetrical triangle and Fibonacci extension point to a long-term target of $5.24.