XRP's Double Bottom Debate: Bulls Battle Bears at $2.47

XRP's price action has sparked debate among crypto analysts, with some questioning whether the asset is forming a double bottom or if the current movement is a fake-out. EGRAG CRYPTO, a prominent crypto analyst, raised this critical question on Twitter, highlighting key price levels that could determine XRP's short-term trajectory.

According to EGRAG CRYPTO's analysis, XRP needs to close above the $2.63 to $2.65 range to negate bearish pressure. If the asset fails to do so, the market could see further declines. The analyst's chart outlines crucial price points that traders should monitor, with the $2.47 level being key support, aligning with a broader trendline in the blue ascending support channel.

The asset started to form the double bottom pattern in early February when the broader market experienced a notable decline. The market recovered shortly after but has fallen into another bearish phase, pulling XRP down too. If the $2.47 support holds, the digital asset could complete the double bottom pattern and experience a reversal. However, a failure to maintain this level could lead to a drop towards the $2.00 support zone.

XRP is currently trading at $2.46, after a 3.41% drop from yesterday, and it will need a minor push to cross the crucial $2.47 threshold and maintain the bullish formation. On the upside, surpassing this level would send XRP to the next resistance level at $2.63. Breaking above this level would signal strength, potentially pushing the price toward $2.75 and beyond. The chart also highlights price targets at $3.224, and $3.4, indicating possible future resistance areas if bullish momentum takes over.

XRP has experienced notable ups and downs since the start of 2025. The current structure suggests traders expect a decisive move before committing to long or short positions. If XRP can sustain its support levels and break resistance at $2.63, it could indicate a continuation of the broader uptrend. EGRAG CRYPTO recently noted that bulls are trying to push the digital asset above $2.7, which would put it above the apex of an ascending triangle. If the bulls can maintain control and fight the current downtrend, they could kickstart a major rally in the