In a recent update on X, market analyst CRYPTOWZRD highlighted a developing double bottom formation on the XRPBTC chart, suggesting a possible bullish reversal may be underway. Although XRP ended the previous session with indecisive movements, this emerging pattern could drive its price action higher. Should the reversal confirm, XRP is likely to push toward the $2.80 resistance zone.
Bitcoin Dominance Pressures Altcoins, XRP Included
Expanding on his initial analysis, the analyst noted that XRP and XRPBTC closed their daily candles indecisively, reflecting ongoing market uncertainty and a lack of strong directional action. While XRPBTC is currently holding above a key double bottom formation, the analyst emphasized that the pair still appears relatively weak and requires more stable and constructive price action to confirm a bullish breakout. A strong reaction from this level could serve as a catalyst, helping XRP gain momentum from its current position on the chart.
He also pointed out that Bitcoin dominance continues to exert pressure on altcoins, including XRP, causing them to underperform in their BTC pairs. As Bitcoin dominance approaches a major resistance level, the analyst anticipates a reversal that could shift capital flow back into altcoins. Such a reversal would provide a favorable environment and support a broader bullish continuation for XRP.
Looking ahead, the analyst stated that his focus will remain on the lower time frames throughout the next trading session to determine the next scalp opportunity, particularly if XRPBTC begins to show signs of recovery and buyers step in with stronger momentum.
Waiting On Confirmation: No Entry Without A Clear Move
Concluding his analysis, the analyst provided his outlook for the near-term price action, noting that intraday trading was choppy and lacked clear direction throughout the session. Despite the indecisiveness, he predicts a potential upside continuation if the price breaks above the $2.4650 intraday resistance level.
Conversely, he identified $2.3160 as a crucial intraday support level, where buyers may step in if the market pulls back. This zone will be important to watch, as a breakdown below it could delay any immediate bullish momentum and signal further consolidation. The price action between these two levels will likely define the short-term direction for XRP.
He emphasized that patience is key at this stage, urging traders to wait for a clear and healthy move before considering new entries. With market conditions still uncertain, the analyst plans to stay focused on refined setups and mature formations to ensure higher-probability trades in the sessions ahead.
Credit: Source link
