XRP is having the kind of month that makes even diamond hands start to sweat.

After pumping to a juicy $3.40 in January, the Ripple-connected token has been bleeding out at a rate that makes you want to call the coroner – it's now sitting at a painful $2.13.

And the charts suggest we haven't even seen the worst of it yet.

That Cup and Handle From Hell

XRP just formed the most bearish pattern in crypto—an inverse cup-and-handle pattern that's basically screaming, "Sell me now."

It's like a regular cup and handle pattern for people who hate money.

This upside-down teacup formation formed after XRP's March 19 peak, and the handle is that sad little consolidation between $2.05 and $2.20 we're seeing now.

If it breaks below this range, which, based on recent price action and market sentiment, it probably will, then analysts are calling for a nosedive straight to $1.58.

That's another 25% dive for a token that's already down 35% from its highs – talk about catching falling knives.

The Volume Profile Visible Range isn't helping either – there's basically no support below $2.10, making this a trader's worst nightmare.

Whales Gone Wild

The big money is seeing all this unfold and walking out the exit door.

Whale wallets have dumped over 1.12 billion XRP in the past week alone.

That's $2.25 billion worth of selling pressure from the exact people you don't want to see selling.

Ripple's legal victory was supposed to send XRP to the moon, but those whales don't care, given how the market is shaping up (or, in this case, breaking down).

Even with Ripple's On-Demand Liquidity service back in action, big holders are selling faster than BitBoy can land himself in jail. 

Long-term believers are still buying the dip, but when whales and retail are moving in opposite directions, smart money usually has the right idea.

Trump's Not Helping

Trump's tariff tantrum against China isn't doing XRP any favors, either.

The broader market is shakier than a newbie's first leverage trade, with Bitcoin down to $77,077 and ETH looking sad at nearly $1,500.

When the big boys bleed, altcoins hemorrhage – and XRP is proving that rule true once again.

The correlation between Bitcoin and alts always gets stronger in downtrends, and this time is no different.

The Magic Number: $2

The $2 level is basically XRP's last hope before things get really ugly.

Break below that psychological barrier, and we're looking at panic selling that could make the 2018 crash look like a gentle correction.

If buyers somehow push it above $2.20 (don't hold your breath), we might see a relief rally toward $3.

But with the current market sentiment, that's about as likely as Craig Wright actually being Satoshi.

What's Next For The OG Altcoin

XRP is stuck between a rock and a technical breakdown, and neither looks bullish.

The inverse cup and handle could send it plummeting below $1.58 if things play out as expected.

But if XRP reclaims $2.20 by some miracle, the whole bear case might be invalidated entirely.

Some analysts are still huffing hopium about Ripple's institutional adoption, but the chart doesn't lie – and right now, it's telling a horror story.

For those still holding bags from 2017, this might be an uncomfortably familiar feeling.

But hey, at least you're not holding some random meme coins.