Amid fluctuations in the crypto market, XRP is showing signs of potential recovery, sparking interest among traders.
Overview of Current XRP Situation
At the time of writing, XRP is trading at $2.95, showing a modest 0.65% gain in the last hour, though it is down 3.95% on the day and 3.75% over the week. Nevertheless, XRP maintains its status as the third-largest cryptocurrency with a market cap exceeding $175 billion and a 24-hour trading volume of $5.58 billion.
Double Bottom Formation
Crypto analyst EGRAG CRYPTO has identified a double bottom pattern consisting of two distinct dips near the $2.81 and $2.91 levels, with a neckline positioned just above the $3.00 mark. According to the chart shared, a breakout above this neckline could send XRP toward key resistance levels at $3.15 and potentially $3.31.
Key Levels to Watch
For traders, the following support and resistance levels are crucial:
* Support: $2.81 and $2.91 * Immediate Resistance: $3.00 * Targets: Should bullish momentum sustain, XRP could test $3.15 and then $3.31.
While the broader cryptocurrency market remains under pressure, XRP's chart structure offers a rare glimmer of optimism. It is vital for bulls to defend the current price region and decisively push above the $3.00 barrier to validate the bullish thesis.
