XRP is flashing a classic technical reversal signal, with analysts eyeing a potential breakout after forming a double bottom pattern on the 4-hour chart.
This formation, considered one of the most reliable bullish setups, suggests XRP could soon reclaim higher resistance levels if momentum continues building.
At the time of writing, XRP is trading at $2.95, showing a modest 0.65% gain in the past hour, despite being down 3.95% on the day and 3.75% over the last week. The asset maintains a strong position as the third-largest cryptocurrency by market cap, with a valuation of over $175 billion and $5.58 billion in 24-hour trading volume.
Double Bottom Signal Sparks Optimism
The double bottom pattern—identified by crypto analyst EGRAG CRYPTO—shows two distinct dips near the $2.81 and $2.91 levels, with a neckline sitting just above the $3.00 mark. According to the chart shared by EGRAG, a breakout above this neckline could send XRP toward key resistance levels at $3.15 and potentially $3.31.
The setup reflects a growing sentiment among XRP traders that the recent decline may be nearing exhaustion. If price action confirms the breakout above $3.00, it could ignite a short-term rally and invite renewed interest from retail and institutional traders alike.
Key Levels to Watch
- Support Zones: $2.81 and $2.91 have established themselves as strong support levels.
- Immediate Resistance: $3.00, acting as the neckline of the double bottom.
- Next Targets: Should bullish momentum sustain, XRP could test $3.15 and then $3.31 as projected.
While the broader altcoin market remains under pressure, XRP’s chart structure offers a rare glimmer of optimism. However, it remains crucial for bulls to defend the current price region and push decisively above the $3.00 barrier to validate the bullish thesis.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/xrp-charts-bullish-double-bottom-is-a-breakout-to-3-30-next/