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XRP Price Forms Rounded Bottom Within Descending Channel, Target Set Above $3
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XRP Price Forms Rounded Bottom Within Descending Channel, Target Set Above $3

Scott Matherson
Scott Matherson
1 month ago
2 mins read
XRP

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Despite breaking above $3 earlier this year, the XRP price has since gone on to disappoint investors with multiple crashes that have rocked the altcoin. This has seen the cryptocurrency lose almost 50% of its acquired value between late 2024 and early 2025. Nevertheless, this has failed to erode bullish sentiment, with predictions for higher prices dominating the community.

Time To Go Long On The XRP Price?

A crypto analyst on X (formerly Twitter) has renewed bullish hope after identifying an important formation on the XRP price chart. The analysis pointed out that the XRP Price is still moving within a descending channel, a formation that usually signals a bearish move.

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However, the downtrend has pushed the altcoin’s price to the point where it is now testing the bottom trend line. This bottom trend line has been known to act as strong support previously and is expected to do so this time around.

With the support forming, it is likely that the XRP Price is gearing up for a bounce from this level. Furthermore, the crypto analyst points out that XRP is also forming a rounded bottom inside this descending channel. Such a rounded bottom could signal an end to the downtrend from here.

XRP Price
Source: X

As the formation grows, the main level of support is now sitting at $1.6. So far, this level has held up quite nicely and bulls have been using it as a bounce-off point for recovery. Given this, the crypto analyst advises that entries for the XRP price are best at around $1.70 to $1.85.

This is not the only good news for the XRP price with support forming. If it holds and the altcoin does indeed bounce from this level toward $2, then the next important levels lie between $2 and $2.2. These serve as the levels for the bulls to beat to confirm a bullish continuation toward a possible all-time high.

If the bulls are successful, then three profit targets are placed by the crypto analyst. These include $2.3385, $2.8160, and $3.3062, pushing it toward January 2025 highs.

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The Bearish Case

While the analysis is inherently bullish, there is still the possibility of invalidation that could send the XRP price tumbling further. As the analyst points out, the major support currently lies at $1.6. This means that bulls must hold this level. Otherwise, there is the risk of a much deeper correction as a liquidity sweep could send support further down to $1.3.

Nevertheless, with buy sentiments building once again, it is likely that XRP will follow the bullish scenario in this case.

XRP price chart from TradingView.com
Price moves toward support again | Source: XRPUSDT on TradingView.com

Chart from TradingView.com

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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