Pattern Forming: Double/Triple Bottom
The red markings form what looks like a triple bottom or W-pattern, which is a bullish reversal formation.
Price has bounced multiple times off the strong support zone (highlighted in brown).
Historically, XRP price has reversed from here.
XRP could face resistance at neckline.
RP is showing a bullish reversal signal from a major support.
A breakout above the neckline could lead to a move toward $2.40+.
However, RSI caution suggests monitoring for a small pullback first.
A retest of the brown support zone might happen before a second bullish attempt.
The red markings form what looks like a triple bottom or W-pattern, which is a bullish reversal formation.
Price has bounced multiple times off the strong support zone (highlighted in brown).
Historically, XRP price has reversed from here.
XRP could face resistance at neckline.
RP is showing a bullish reversal signal from a major support.
A breakout above the neckline could lead to a move toward $2.40+.
However, RSI caution suggests monitoring for a small pullback first.
A retest of the brown support zone might happen before a second bullish attempt.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.