XRP Double Bottom or Wave 5 Downward? XRP Must Hold This Crucial Support

Crypto analyst Egrag Crypto has shared a new technical analysis on XRP’s price movement, highlighting a crucial resistance level that must be overcome to prevent a further downward trend.

In a recent post, the analyst noted, “XRP – Double Bottom or Wave 5 Downward?” adding that the asset needs to “close above $2.63 by any means necessary to avoid the 5 waves down.” The analysis suggests that achieving this price level would confirm the formation of a double-bottom pattern, structure traders often associate with a potential bullish reversal.

Egrag Crypto also mentioned that some traders refer to this pattern as the “Boobs” pattern, particularly in Australian trading circles. However, if XRP fails to hold above the $2.63–$2.65 range, there remains a risk of further declines following a five-wave downward structure.

Downside Risks and Potential Price Targets

If XRP fails to sustain a breakout above the critical $2.63 level, Egrag Crypto has identified key downside targets based on technical analysis. The analyst outlined, “5 Waves to the Downside – Downside Targets: $1.71 and $1.60.” These levels represent potential support areas where XRP could find buying interest if the downtrend continues.

The accompanying charts indicate that XRP has already tested key Fibonacci retracement levels, reinforcing the significance of the $2.63 resistance. A failure to close above this level could lead to a corrective wave, pushing the asset toward the predicted support zones.

Market Implications and Investor Sentiment

Egrag Crypto’s analysis reflects the broader sentiment in the XRP community, where traders are closely watching price action for confirmation of a bullish reversal. A successful move above $2.63 could provide renewed optimism, while a rejection at this level may increase selling pressure. According to data from CoinMarketCap, XRP is currently trading at $2.24, witnessing a 0.74% price increase.

Market participants will monitor trading volume and price momentum in the coming days to determine whether XRP can establish a bullish structure or if the anticipated five-wave decline will materialize. The technical setup outlined by Egrag Crypto highlights a crucial inflection point for the asset, with traders awaiting confirmation of either a breakout or further downside movement.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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