Key takeaways:

XRP forms a double top and rising wedge, signaling short-term downside risk toward $1.94.

NUPL indicates traders are in denial, resembling past pre-crash phases.

Long-term charts still point to bullish targets between $3.69 and $17.

XRP (XRP) has rebounded by more than 50% in a month after forming a local low at $1.80. Improving risk appetite and prospects of an “altseason” have boosted its price.

Could XRP rally further from current levels or risk a pullback in the coming days? Let’s examine.

XRP “double top” pattern hints at sell-off

XRP formed a double top near $2.65, signaling a possible trend reversal. The pattern includes two clear peaks and a neckline around $2.47. After the second peak, XRP dropped below the neckline, confirming the bearish setup.

XRP/USD four-hour price chart. Source: TradingView

A confirmed breakdown below this level points to a downside target near $2.30. The double top suggests weakening momentum after a strong rally. If buyers fail to break above $2.65, the pattern remains in play and bearish.

Rising wedge hints at possible 20% XRP price crash

XRP also broke down from a rising wedge pattern, signaling a shift from bullish to bearish momentum. Recent failed attempts to break above the pattern’s upper trendline from the pattern reiterate the same.

A wedge breakdown is confirmed when the price falls below its lower trendline, which XRP appears to be attempting as of May 15. The cryptocurrency is additionally testing support from the 50-4H exponential moving average (50-4H EMA; the red wave).

XRP/USD four-hour price chart. Source: TradingView

Breaking below the support zone increases the chance of XRP falling another 20% to around $1.94. This level comes from measuring the height of the rising wedge pattern and subtracting it from the breakdown point.

The $2.00–$2.04 range is also important because it holds a large number of leveraged long positions worth around $50 million, according to data resource CoinGlass.

XRP/USD liquidation heatmap (3 months). Source: CoinGlass

If XRP drops below this range, many of these positions could be forced to close, causing a long squeeze. That would add selling pressure and push the price closer to the $1.94 target.

XRP traders are in “denial” — onchain metric

XRP’s Net Unrealized Profit/Loss (NUPL) has shifted into the Belief–Denial zone, shown in green on the Glassnode chart below. When in denial, many still expect prices to rise, even as momentum fades.

XRP NUPL 30-day average vs. price chart. Source: Glassnode

This NUPL level has historically marked the early stages of major corrections. For example, XRP entered this phase before sharp declines in 2018 and 2021.

If history repeats, XRP may face more downside in the short term, paving the way toward the price targets highlighted by the double top and rising wedge technical setups.

XRP long-term charts stay bullish

A counter analysis indicates a potential 45% rally toward $3.69 by June if a breakout from a multimonth falling wedge pattern plays out as intended.

XRP/USD three-day price chart. Source: TradingView

However, if XRP falls back below the wedge’s upper trendline and loses support at the 20-day (purple) and 50-day (red) exponential moving averages (EMA), the bullish setup could be invalidated, risking a decline toward $1.75.

Several long-term XRP price projections have targets of $5.24 and even $17, based on symmetrical triangle patterns and Fibonacci extensions shown below.

XRP/USD two-week price chart. Source: TradingView

Related: History rhymes? XRP price gained 400% the last time whale flows flipped

XRP’s long-term charts show a persistent bullish bias despite short-term pullback risks, indicating that the rally is probably not over.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Coinbase, the world’s third-largest cryptocurrency exchange, was hit by a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data, the company said.

According to a May 15 blog post, Coinbase said a group of external actors bribed and coordinated with several customer support contractors to access internal systems and steal limited user account data.

“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” Coinbase said, adding that no passwords, private keys, funds or Coinbase Prime accounts were affected.

Less than 1% of Coinbase’s monthly transacting users’ data was affected by the attack, the company said.

Source: Coinbase

After stealing the data, the attackers attempted to extort $20 million from Coinbase in exchange for not disclosing the breach. Coinbase refused the demand.

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Instead, the company offered a $20 million reward for information leading to the arrest and conviction of those responsible for the scheme.

Scammers often masquerade as recognizable brands to inspire a false sense of trust in their victims.

US brands impersonated by scammers the most. Source: Mailsuite

In 2024, Coinbase was the most impersonated cryptocurrency brand by scammers.

Related: Top South Korean presidential hopefuls support legalizing Bitcoin ETFs

Coinbase will reimburse phishing attack victims

Coinbase said it will reimburse users who were tricked into sending cryptocurrency to phishing scammers, with expected remediation and reimbursement expenses ranging from $180 million to $400 million.

The crypto exchange disclosed the estimate in an 8-K filing with the US Securities and Exchange Commission on May 15, noting the expenses relate to “voluntary customer reimbursements” and other remediation efforts.

The attackers have been approaching the exchange’s overseas customer support agents for months, aiming to “bribe” them in exchange for customer information, said Coinbase co-founder and CEO Brian Armstrong in a May 15 X post.

Source: Brian Armstrong

Following the attack, the exchange will strengthen its internal data management processes and relocate some of its customer support operations to avoid similar incidents.

Social engineering schemes are a growing concern for Coinbase users. Blockchain security analyst ZachXBT estimated that users lost around $45 million to phishing schemes in the week leading up to May 7.

Source: ZachXBT

The blockchain security analyst previously claimed that social engineering scams cost Coinbase users over $300 million annually, Cointelegraph reported on Feb. 4.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Cryptocurrencies and stablecoins are gaining recognition in the traditional finance (TradFi) space for their ability to streamline payments and increase efficiency in existing financial systems

In finance, collateral management refers to the process of managing the underlying collateral securing other financial transactions, such as loans or derivatives, to mitigate credit risks and ensure smooth transactions.

Digital assets like stablecoins are the “perfect” financial instrument for real-time collateral management, according to a recent pilot by DTCC Digital Assets, which suggests that digital assets, particularly stablecoins, could modernize and simplify this critical function.

“Digital assets really are the perfect use case for collateral management, whether it be uncleared derivatives, clear derivatives, central counterparties, repo, or any other type of collateral,” said Joseph Spiro, product director at DTCC Digital Assets, during a panel at Consensus 2025.

From left: Ian Allison, CoinDesk reporter; Jelena DDjuric, CEO of Noble; Kyle Hauptman, chairman of the National Credit Union Administration, and Joseph Spiro, digital assets product director at DTCC Digital Assets. Source: Cointelegraph

Collateral management requires complicated manual processes due to stringent requirements for locked-up collateral that can only be released to the appropriate parties at pre-set intervals.

“All of that can be accomplished better, faster, more efficiently through digital assets and smart contracts,” Spiro said, adding that “all the manual processing can go away.”

Related: Top South Korean presidential hopefuls support legalizing Bitcoin ETFs

The pilot, dubbed the “Great Collateral Experiment,” comes as US policymakers work toward clear regulatory frameworks for stablecoins.

On May 14, at least 60 of the top crypto founders gathered in Washington, DC, to support the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. The bill initially failed to get enough support from Democrats on May 8.

Coinbase CEO in Washington, DC on May 14. Source: Brian Armstrong

The GENIUS Act seeks to establish collateralization guidelines for stablecoin issuers while requiring full compliance with Anti-Money Laundering laws.

The bill stalled on May 8 after failing to gain support from key Democrats, some of whom have voiced concerns about US President Donald Trump potentially profiting from digital assets through his crypto-related ventures.

Related: Ukraine strategic Bitcoin reserve bill reportedly in final stages

Stablecoins can streamline lending and settlement

Incorporating stablecoins into traditional fiat-backed loans could further streamline TradFi processes, according to Kyle Hauptman, chairman of the National Credit Union Administration.

The programmability of stablecoins could make the loan repayment process more transparent and streamlined for all participants. It is currently a “clunky process where they settle at the end of the month,” Hauptaman said during the same panel discussion, adding:

“Stablecoins and their programmability can make this vastly easier.”

“We not only made life easier for credit unions to settle these things up, you could do it for smaller amounts of money, but the borrower should get a better deal here because now this thing has some of the traits of a large bond issuance. It’s now liquid,” he said.

Another piece of legislation — the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act — passed the House Financial Services Committee on April 2 in a 32–17 vote. The bill awaits scheduling for debate and a floor vote in the House of Representatives.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3