XRP Shows Double-Bottom Setup Around $0.24 — Could a $3 Breakout Be Next?

Sean Williams
Ripple (XRP)

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  • XRP forms a double-bottom reversal near $0.24, hinting at potential upside.
  • Institutional accumulation and Ripple Prime rebranding boost confidence.
  • Historical patterns guide, but caution remains due to market volatility.

XRP shows early signs of a potential breakout as technical indicators suggest a double-bottom reversal pattern is forming around the $0.24 accumulation zone. Crypto analyst Ripple Bull Winkle highlights that this level has historically preceded major upward movements, signaling possible gains toward $3 if momentum persists.

Double-Bottom Pattern Signals Potential Upside

Winkle points to XRP’s chart structure, noting a classic double-bottom formation—a technical pattern often associated with trend reversals. He emphasized that this accumulation zone has attracted significant buying activity in the past, suggesting that similar behavior today could trigger another strong rally. According to the analyst, previous touches of this level coincided with increased volume, reinforcing the potential for a breakout.

Institutional Moves Boost Market Confidence

Beyond chart patterns, Winkle links the setup to institutional activity. The recent rebranding of Ripple’s platform to Ripple Prime reflects the company’s commitment to strengthening liquidity solutions for large-scale investors. Weekly chart analysis indicates steady accumulation by major holders, hinting at strategic positioning for future price increases. “Someone knows what’s coming,” Winkle remarked, referencing this growing confidence among institutional players.

Also Read: Global Payments to Fully Transition to ISO 20022 by 2025 end — XRP Already Ahead of the Curve

Caution from Traders Remains

Not all market participants share Winkle’s optimism. Observers like Denis Samkov stress that historical patterns, while informative, do not guarantee future outcomes. Experts warn that macroeconomic trends, regulatory developments, and broader market conditions can heavily influence XRP’s trajectory, requiring traders to maintain realistic expectations.

As XRP trades in a relatively narrow range yet demonstrates resilience compared to other cryptocurrencies, the combination of technical signals and institutional backing positions it as a closely monitored asset. Whether the double-bottom evolves into a significant breakout or merely a short-term reaction remains uncertain, but traders and analysts alike are keeping a keen eye on XRP’s next moves.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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