XRP Price Prediction: Double Bottom Pattern Opens Door for Bull Market – Is This the Setup for a New All-Time High?
Main Idea
The XRP price is showing signs of a potential bullish reversal with a double bottom pattern, but macroeconomic uncertainties and declining open interest pose risks to its upward momentum.
Key Points
1. XRP has formed a double bottom pattern around the $2.90 level, a classic reversal signal that could lead to a breakout if it surpasses the $3.30 neckline.
2. Macroeconomic factors, such as new US tariffs and weaker-than-expected jobs data, are adding uncertainty and could derail XRP's bullish momentum.
3. Open interest in XRP has declined by 25% over the past 10 days, indicating reduced speculative interest, though the long/short ratio on Binance still shows 72% of traders betting on price increases.
4. If the $2.90 support holds, XRP could target $3.60 and potentially $4.10, a 40% move, but a breakdown below $2.90 may lead to a drop to $2.70.
5. Momentum indicators like RSI and MACD suggest a potential rebound, but the market remains hesitant due to external macro risks.
Description
XRP could be setting the stage for another leg up in its bull run, with recent price action adding weight to a bullish near-term XRP price prediction . After a 20% drop from its mid-July high, XRP appears to have found solid footing around the $2.90 level, forming a double bottom — a classic reversal signal that suggests renewed buying interest. However, broader macro conditions could add pressure. The US Federal Reserve kept interest rates unchanged in July, taking a wait-and-see approach amid ...
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