 ▲ XRP / ChatGPT-generated image |
XRP has formed a Gravestone Doji pattern on its chart, a strong bearish reversal signal, deepening market concerns over a potential further plunge.
According to cryptocurrency media outlet U.Today on February 17 (local time), a Gravestone Doji pattern—symbolizing a sharp weakening of buying momentum and strengthening selling pressure—has appeared on XRP’s daily chart. The pattern forms when the price surges significantly during intraday trading but loses upward momentum and eventually closes near its opening level. From a technical analysis perspective, the long upper wick is regarded as a typical bearish precursor, indicating strong resistance at the top and price rejection.
XRP recently exhibited steep volatility and is now facing resistance in buying pressure near a psychological resistance level. On-chain data from Santiment shows that whale investors are taking profits, while retail investors’ dip-buying activity is diminishing. The emergence of the Gravestone Doji pattern reinforces the notion that buyers are struggling to sustain upward momentum at current price levels, rapidly cooling market sentiment.
Virtual asset experts note that if this pattern is confirmed, securing short-term support will become XRP’s top priority. Should key support levels break, the downtrend could accelerate, opening the possibility of a retreat toward previous lows. To invalidate the bearish reversal signal, a strong rebound accompanied by significant trading volume is essential; however, multiple technical indicators currently tilt toward stronger downside pressure.
The broader macro environment, marked by continued weakness in major assets such as Bitcoin (BTC) and Ethereum (ETH), is also weighing on XRP. As overall liquidity in the crypto market contracts, altcoins are finding it difficult to sustain independent rallies, prompting investors to rebalance positions in anticipation of further declines. Open interest in the futures market is also moving in a direction of heightened volatility, raising concerns over potential cascading liquidations.
XRP’s near-term trajectory will likely be determined by the movement of the candlesticks that follow this Gravestone Doji pattern. If the asset fails to overcome technical resistance and the downtrend solidifies, there remains a risk of entering a prolonged correction phase, compounded by weakening overall market sentiment. Investors are maintaining a cautious stance, closely monitoring real-time charts for any break below support levels while focusing on risk management.
Disclaimer: This article is provided for investment reference purposes only, and no responsibility is assumed for investment losses resulting from its use. The content should be interpreted solely for informational purposes.