XRP Eyes Breakout as $3.30 Double Bottom Takes Shape

2 mins mins

Key Insights:

XRP may confirm a breakout if it closes above $3.30, targeting a move toward $3.60.
Strong trading volume suggests growing interest as analysts track a possible bullish reversal setup.
Partnerships with $W and BlackRock’s BUIDL may be boosting XRP’s institutional appeal.

XRP is attracting renewed attention in the market after technical analysts identified a possible bullish pattern forming. A potential reversal pattern may be forming, sparking interest from traders and analysts alike.

The digital asset, currently trading around $3.09, has seen a mild 1.36% decline in the past 24 hours and nearly 5% over the past week. Despite the pullback, some chart patterns suggest the current trend could change if certain price levels are reclaimed.

Technical Setup Points to Possible Breakout

According to crypto analyst Ali, XRP may be forming a double bottom pattern. This formation is commonly watched in technical analysis as a potential signal that a downtrend may be reversing. Ali stated that a decisive close above $3.30 may confirm the breakout and open the path toward $3.60 in the short term.

If the token manages to move past the $3.30 resistance zone with strength, technical traders could view this as a setup for further upside. The level has acted as a key barrier and may now serve as a decision point for price action.

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The large volume shows that traders continue to monitor XRP closely. Analysts believe trading activity may increase further if price action confirms a pattern breakout above the key resistance level.

Partnership News and Institutional Interest

CryptoMichNL recently noted that $W, a new project partnered with XRP, may be contributing to growing market interest. He also said, “I recall a lot of upside,” in reference to the chart structure forming for XRP and its partner.

Moreover, the connection to BlackRock’s BUIDL through $W could be drawing new attention. These developments may contribute to investor confidence, especially among those tracking institutional moves in the crypto space.

XRP Eyes Breakout as $3.30 Double Bottom Takes Shape 2 — *XRP Market Interest | Source: X*

A clear close above this level may confirm the double bottom pattern that Ali and others have identified. Whether bulls can reclaim this resistance will be a key factor in determining if XRP can target $3.60 next. The market awaits confirmation in the coming days.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.