XRP Recovery Strategy: A Double Bottom May Drive Prices Towards $2.80 Resistance

In a recent analysis, market expert CRYPTOWZRD pointed out a developing double bottom pattern on the XRPBTC chart, hinting at a potential bullish turnaround. Despite XRP’s previous session concluding with uncertain movements, this emerging pattern may propel its price upward. If the anticipated reversal materializes, XRP could aim for the $2.80 resistance area.

Bitcoin Dominance Affects Altcoins, Including XRP

Expanding on his earlier insights, the analyst observed that both XRP and XRPBTC ended their daily sessions with mixed signals, highlighting the prevailing market ambiguity and a lack of definitive directional momentum. While XRPBTC remains above a significant double bottom formation, the analyst noted that the pair still seems somewhat weak and requires more constructive price activity for a bullish breakout. A robust response from this position could trigger a momentum shift, benefiting XRP’s chart positioning.

Furthermore, he remarked that Bitcoin’s dominance continues to influence altcoins negatively, including XRP, leading to weaker performance against BTC pairs. With Bitcoin dominance nearing a critical resistance level, the analyst predicts a possible reversal that might redirect capital back towards altcoins. This shift could create a more favorable scenario and foster a broader bullish trend for XRP.

Looking forward, the analyst mentioned he will concentrate on lower time frames in the next trading session to identify potential scalp opportunities, particularly if XRPBTC shows recovery signs and buyers engage with increased momentum.

Awaiting Confirmation: No Positions Without Clear Movement

Wrapping up his analysis, the expert offered his near-term price predictions, mentioning that intraday trading had been unpredictable and lacked clear movement during the session. Despite this uncertainty, he anticipates a possible upward continuation if the price breaks beyond the $2.4650 intraday resistance point.

On the other hand, he pinpointed $2.3160 as a vital support level, where buyers might re-enter if the market experiences a pullback. This level will be crucial, as a drop below it could hinder immediate bullish momentum and suggest further consolidation. The price dynamics between these two markers will likely set the short-term course for XRP.

He stressed that patience is essential at this moment, urging traders to hold off on new positions until a clear and healthy price movement presents itself. With ongoing market uncertainties, the analyst intends to focus on refined setups and established patterns to ensure high-probability trades in the upcoming sessions.