XRP News Today: XRP Forms Bullish Double Bottom as Price Holds Near $2.95

XRP has recently formed a potential double bottom pattern on its price chart, a technical setup often associated with a bullish reversal. According to analysis by crypto analyst EGRAG CRYPTO, the asset has hit two distinct support levels near $2.81 and $2.91, with a neckline positioned just above $3.00. A confirmed breakout above this level could signal further upward movement, with $3.15 and $3.31 identified as potential resistance targets [1].

As of the latest report, XRP was trading at $2.95, reflecting a 0.65% increase over the past hour, although it remained down 3.95% on the day and 3.75% over the last week. Despite these short-term fluctuations, XRP continues to hold its position as the third-largest cryptocurrency by market capitalization, with a valuation exceeding $175 billion and a 24-hour trading volume of $5.58 billion [1].

The double bottom formation has sparked optimism among traders who believe the recent downward trend may be losing momentum. A breakout above the $3.00 neckline could trigger a short-term rally and attract renewed attention from both retail and institutional investors. Analysts are closely watching key levels, including the support zones at $2.81 and $2.91, and the immediate resistance at $3.00. Sustained bullish momentum could eventually see XRP test the $3.15 and $3.31 levels [1].

While the broader altcoin market remains under pressure, XRP’s chart structure provides a rare sign of potential strength. However, for the bullish scenario to play out, bulls must first successfully defend the current price level and push the asset decisively above the $3.00 barrier to confirm the pattern’s validity [1].

Source: [1] XRP Charts Bullish Double Bottom – Is a Breakout to $3.30 Next? (https://coinmarketcap.com/community/articles/689352d13682913b7730ad81/)