XRP Double Bottom Formation: Egrag Crypto Releases Crucial Support and Resistance Levels

Crypto analyst Egrag Crypto has released a new technical analysis on XRP, outlining a bullish structure despite recent fluctuations. According to the chart shared via TradingView and commentary posted on social media, XRP has formed a double bottom at approximately $2.3126 and is currently maintaining strength above a key descending trend line. The analyst emphasized that XRP continues to respect this red descending trend line, interpreting this as a signal of resilience. #XRP – Dipped to $2.3126 (Double Bottom Formation) : #XRP is still bouncing off the Red Descending Trend Line, showing resilience. Currently, we’re experiencing some micro noise within the range between Fibonacci 0.888 levels at $2.30 and $2.62. #XRPFamily STAY STEADY… https://t.co/QalFZ5ohtN pic.twitter.com/ekONe5GExe — EGRAG CRYPTO (@egragcrypto) May 17, 2025 Fibonacci Zone Between $2.30 and $2.62 Seen as Key Trading Range In the accompanying chart, XRP’s recent price action appears to be moving within a defined zone, specifically between the Fibonacci 0.888 levels of $2.30 and $2.62. This range, identified by Egrag Crypto as a zone of “micro noise,” is where short-term fluctuations are playing out. The price is currently at $2.3845 as per the 12-hour chart on Poloniex. Egrag noted that the market dipped to a local low around $2.3126, forming what appears to be a double bottom pattern. Technical analysts generally interpret this formation as a potential reversal indicator, suggesting that buyers may be stepping in to defend this level. The double bottom occurs near the lower boundary of the observed Fibonacci zone, reinforcing its importance as a support level. Bullish Scenario Targets $3.10 and Higher if Trend Line is Broken The chart further outlines two potential scenarios for XRP’s future movement. The bullish scenario anticipates a breakout above the red descending trend line, possibly targeting the $2.6194 zone, followed by a rally towards $2.9690 and then to $3.1047. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 The final target zone at $3.3967 is also marked on the chart. These targets align with Fibonacci extensions and retracement levels commonly used by technical traders to forecast potential price zones. Bearish Outlook Suggests Drop Toward $1.61 Conversely, a bearish pathway is also mapped out. This alternative scenario suggests a breakdown below the current range could push the price towards the 0.786 Fibonacci level at $1.6126. The chart illustrates a potential “fish hook” move, indicating a possible liquidity grab or deeper correction that might test the $1.2038 level, aligned with the 0.702 Fibonacci retracement. While both directional possibilities are acknowledged, Egrag Crypto’s tone in the tweet remains constructive. He urges the XRP community to “stay steady and strong,” signaling a long-term bullish outlook despite short-term uncertainty. As XRP navigates this zone, traders and analysts will closely watch whether it can break decisively above the trend line resistance or if it will revisit lower supports as outlined in Egrag’s roadmap. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Double Bottom Formation: Egrag Crypto Releases Crucial Support and Resistance Levels appeared first on Times Tabloid .

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