- XRP shows two strong bottoms around $3.00, with a W-shaped chart pattern pointing to a potential bullish reversal if the neckline resistance breaks.
- If XRP can manage a 4-hour close above the $3.30 neckline, this could confirm the double bottom and put XRP in place for a technical move to $3.60.
- Bullish momentum is increasing; the candle structure and volume support suggest there could be a breakout underway, which suggests the market currently favours continuation upward.
A potential double bottom is developing on XRP’s 4‑hour chart, with successive troughs around $3.00. A decisive close above $3.30 may validate the pattern and pave the way toward $3.60.
Classic Double Bottom Formation Emerges
XRP appears to have formed two nearly identical lows at approximately $3.00–$3.02—first around July 24 and again on July 30–31. Between these lows lies a peak near $3.25–$3.28, establishing the characteristic “W” shape of a double bottom. This technical formation suggests that support at the $3.00 level remains firm.
Crypto analyst Ali observed on X that XRP may be forming a double bottom. He noted that a close above $3.30 would validate the pattern and potentially trigger a move to $3.60.
Such structures often reflect weakening bearish momentum and rising bullish conviction as buyers step in to defend support zones
$3.30 Resistance Zone Takes Center Stage
The neckline resistance at roughly $3.30 marks the critical trigger point. A sustained 4‑hour close above that threshold is necessary to confirm the double bottom. If achieved, it may open a measured move toward $3.60, calculated by adding the roughly $0.30 depth of the pattern to the breakout level.
Analysts note long‑lower‑wick candles and small bodies as signs of bullish pressure accumulating ahead of the breakout region. Failure to break above $3.30 could lead to stagnation or a retest of support—repeating past behavior seen during failed double bottom attempts.
Why This Pattern Matters to Traders
The setup is significant, as the $3.00 has held solid through persistent selling. This suggests that the buyers believed at this price. If the bulls are to lift XRP above the $3.30 neckline, it may suggest a change in dynamics from bearish to bullish.
This kind of breakout might spur fresh interest in trading and push XRP up to $3.60. A confirmed pattern may attract trend‑following traders and signal a broader sentiment shift. Analysts insist on volume validation and clear candle patterns to confirm the breakout’s strength.
Monitoring the $3.30 level closely will therefore be crucial. A confirmed close above it may unlock a wave of momentum and open the road to $3.60.
