XRP Holds Support at $2.31 in Double Bottom Formation — Eyes on Higher Breakout

XRP is showing signs of resilience after dipping to $2.3126, forming what could be a double bottom pattern, a bullish technical signal that suggests potential reversal and upward momentum. By Emily Wright.

XRP price has found support at $2.31 in what could be a double bottom pattern, a bullish technical signal that suggests potential reversal and upward momentum.

What happened: XRP continues to bounce off the red descending trend line, maintaining a key level of support and signaling market strength, according to EGRAG CRYPTO.

The current price action is oscillating within a narrow range, referred to as “micro noise,” and falls between Fibonacci level 0.888 — specifically, between $2.30 and $2.62.

The chart outlines two potential scenarios:

Bullish case: A successful breakout above the trend line could send XRP to $2.30, then to $3.10, with the ultimate upside target around $3.3967.

Bearish case: Failure to hold current levels could lead to a retest of lower Fibonacci zones, including $1.6126 (0.786) and $1.2038 (0.702) — the latter marked humorously with a fishing hook and fish emoji on the chart, suggesting a possible liquidity grab before reversal.

“STAY STEADY AND STRONG. Together W e Rise!,” he wrote.

What's next for xrp price analysis

XRP is showing signs of resilience as it attempts to stay afloat above the $2.3126 support level, forming what could be a double bottom pattern. This pattern is a bullish technical signal that suggests potential reversal and upward momentum.

As XRP trades above the critical support level, it is also maintaining contact with the red descending trend line, a key indicator of ongoing support and potential breakout potential.

Ranging in what EGRAG calls “micro noise,” XRP is currently testing Fibonacci level 0.888, with the upper boundary around $2.62 and the lower around $2.30.

Two possible scenarios for XRP price

The chart provides a clear indication of the two possible paths ahead:

Bullish case: A successful breakout above the trend line could carry XRP to the next Fibonacci level at $2.30, setting the stage for a continuation toward $3.10 and ultimately the ultimate Fibonacci target around $3.3967.

This scenario also highlights the potential for a triple bottom pattern to form, further bolstering the bullish case.

Bearish case: On the other hand, if XRP fails to hold current levels and breaks below, it might retest lower Fibonacci zones, such as 0.786 at $1.6126 and 0.702 at $1.2038 — the latter playfully marked with a fishing hook and fish emoji, hinting at a possible deep liquidity grab and reversal potential.

The analysis concludes with a message of encouragement for the #XRPFamily to remain confident despite current price volatility.

This article was originally published on Benzinga and has been modified to reflect responsiveness and tone.