Crypto analyst EGRAG CRYPTO (@egragcrypto) has raised a critical question about XRP’s price action. In a post on X, the analyst asked if the asset is forming a double bottom or if the current price movement is a fake-out.
His analysis highlights key price levels that will determine XRP’s short-term trajectory. The chart suggests that XRP needs to close above the $2.63 to $2.65 range to negate bearish pressure. Otherwise, the market could see further declines.
#XRP – Are We Ready for a Double Bottom Formation, or Is It a Fake-Out? 🤔
I’d love to hear your thoughts! To negate this bearish movement, #XRP needs to close above the $2.63 to $2.65 range. #XRPFamily ! Together, we rise! 💪🌟 pic.twitter.com/j797Co9KP7
— EGRAG CRYPTO (@egragcrypto) February 24, 2025
Key Support and Resistance Levels
EGRAG CRYPTO’s chart outlines crucial price points that traders should monitor. The $2.47 level is key support, aligning with a broader trendline in the blue ascending support channel.
The asset started to form the double bottom pattern in early February when the broader market experienced a notable decline . The market recovered shortly after but has fallen into another bearish phase, pulling XRP down too. If the $2.47 support holds, the digital asset could complete the double bottom pattern and experience a reversal.
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However, a failure to maintain this level could lead to a drop towards the $2.00 support zone. The digital asset is currently trading at $2.46, after a 3.41% drop from yesterday, and it will need a minor push to cross the crucial $2.47 threshold and maintain the bullish formation.
On the upside, surpassing this level would send XRP to the next resistance level at $2.63. Breaking above this level would signal strength, potentially pushing the price toward $2.75 and beyond. The chart also highlights price targets at $3.224, and $3.4, indicating possible future resistance areas if bullish momentum takes over.
Current Market Position
XRP has experienced notable ups and downs since the start of 2025. The current structure suggests traders expect a decisive move before committing to long or short positions. If XRP can sustain its support levels and break resistance at $2.63, it could indicate a continuation of the broader uptrend.
EGRAG CRYPTO recently noted that bulls are trying to push the digital asset above $2.7 . This would put it above the apex of an ascending triangle. If the bulls can maintain control and fight the current downtrend, they could kickstart a major rally in the short term, with targets of $4-$6, and potential long-term targets as high as $60 .
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.
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