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XRP (XRP<\/a>) price is up 13% on the day, trading above the $2 level after President Donald Trump announced a 90-day pause on all reciprocal tariffs<\/a>, except for China, which saw an additional 125% hike in response to their counter-tariffs against the US. <\/p>\n XRP’s rally comes on the heels of additional positive news and the XXRP ETF being launched on the New York Stock Exchange (NYSE) Arca. <\/p>\n Despite the positive macroeconomic and TradFi crypto adoption news, XRP charts still caution that a sharp price downside could lie ahead. <\/p>\n Since December 2024, XRP price has been forming a potential triangle pattern on its daily chart, characterized by a flat support level mixed with a downward-sloping resistance line.<\/p>\n A descending triangle chart pattern<\/a> that forms 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.<\/p>\n The price dropped below the triangle’s support line at $2 on April 6, confirming a potential breakdown move. In this case, the price may fall toward the downside target at around $1.20 by the end of April, down 33% from current price levels.<\/p>\n XRP\/USD daily chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n XRP’s descending triangle target echoes trader CasiTrade’s prediction that the altcoin could drop as low as $1.55 due to a “textbook” Elliott Wave Theory analysis.<\/p>\n “Right now, $1.81 is a critical level to break in this plan,” the trader said<\/a> in an April 8 post on X, adding that if the price loses that level, it would confirm a deeper move.<\/p>\n According to CasiTrades, the next level to watch would be $1.71, where the price would pause temporarily before the “projected final low” at $1.55.<\/p>\n “Key zone: $1.55 is the golden retracement and the likely end to this entire corrective W2.”<\/p><\/blockquote>\n XRP\/USD 15-minute chart. Source: <\/em>CasiTrades<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The bearish outlook mirrored veteran trader Peter Brandt’s prediction<\/a> that XRP price could decline to $1.07 due to a “textbook” head-and-shoulders pattern forming on the daily chart.<\/p>\n Related: <\/strong><\/em>Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTO<\/strong><\/em><\/a><\/p>\n Despite the launch of the XXRP ETF<\/a> on NYSE Arca on April 8, XRP’s price remains precarious due to a mix of market dynamics and escalating trade wars<\/a>. <\/p>\n The 2x leveraged ETF, designed to amplify XRP’s daily returns, debuted amid heightened volatility, with XRP trading at around $1.71 after a 7.4% drop in 24 hours. <\/p>\n The XXRP ETF attracted $5 million in first-day volume, in what Bloomberg ETF analyst Eric Balchunas termed<\/a> a commendable achievement considering the ongoing tumult in crypto and other global markets. <\/p>\n Although this was 200x less than the volume posted by BlackRock’s IBIT ETF on day one, this performance puts XXRP in the top 5% of new ETF launches.<\/p>\nDescending triangle pattern hints at a 33% drop<\/strong><\/h2>\n
Could XXRP ETF launch avert an XRP price sell-off?<\/strong><\/h2>\n