Recently, a clear upward signal has been captured on the XRP chart, raising expectations for a potential sharp increase. Moving away from directionless movements centered around $3, the market's attention is once again focused on XRP as it approaches the completion of a technically important 'double bottom' pattern.
Market analyst Ali Martinez analyzed that XRP is currently trading at $3.14 and if it breaks through the level slightly above at $3.30, the pattern will be officially completed. If this scenario is realized, XRP could quickly rise to the major resistance line of $3.60.
A notable point in this analysis is that XRP previously encountered strong resistance at $3.25 between July 27-28. Although it could not surpass this price range at that time, attempting this zone again can be interpreted as a signal of potential upward reversal.
If XRP fails to break through $3.25 again and retreats, this upward scenario could be nullified. However, analyses suggesting this time is different are gaining traction. The recent technical upward pattern is more clear than before, and trading volume is supporting this.
Meanwhile, XRP has seen notable capital inflows on multiple exchanges including Coinbase, with its holdings increasing. This suggests the possibility of institutional accumulation targeting future price increases and is raising expectations for additional rallies in conjunction with the double bottom pattern.
XRP is currently showing independent volatility at a time when major coins like Bitcoin (BTC) and Ethereum (ETH) are taking a breather, aiming to recover market leadership. If it successfully breaks through $3.30, it could create a stepping stone to advance towards $3.60 in the short term, potentially reinvigorating the entire altcoin market.
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