XRP Breaks Down, Bearish Target $1.65 as Crypto Market Slumps

XRP, the native cryptocurrency of the Ripple network, has recently exhibited a technical breakout from an ascending parallel channel, a pattern that typically signals a shift in momentum. However, contrary to expectations of a bullish rally, crypto analyst Ali Martinez has set a bearish price target of $1.65, suggesting that XRP may be poised for a downturn. With XRP currently trading at $2.23, this projection implies a potential decline of 26%, raising concerns among investors about a deeper correction.

An ascending parallel channel is a chart pattern that forms when an asset’s price oscillates between two upward-sloping trendlines. While this setup can often indicate a continuation of an uptrend, a breakout below the lower boundary of the channel suggests a reversal and signifies potential price weakness. Martinez’s analysis indicates that XRP has broken below this structure, which traders interpret as a bearish signal.

If this breakdown is confirmed, it could lead to increased selling pressure, pushing XRP down toward the $1.65 target. This level is likely to be a strong support zone, where buyers might step in to prevent further losses. However, if XRP fails to hold above $1.65, the asset could face even deeper losses, potentially testing psychological support levels around $1.50 or lower.

XRP’s price movement is occurring amid a broader downturn in the cryptocurrency market. Bitcoin has recently dropped below $90,000, encountering increased selling pressure, while Ethereum has also suffered an 8.5% decline, trading near $2,416. Such market-wide corrections often have a cascading effect on altcoins like XRP, as investor sentiment becomes more cautious.

Additionally, macroeconomic factors, including rising inflation and geopolitical uncertainties, are contributing to volatility across risk assets, including cryptocurrencies. Security concerns, such as the recent $1.5 billion hack on Bybit, have further dampened confidence in the crypto space. These external pressures may intensify XRP’s bearish trajectory, making the $1.65 target a more realistic scenario in the near term.

While the $1.65 target indicates downside risk, XRP’s price action will depend on key technical levels. If buyers step in around the $1.80-$1.8