XRP could be setting the stage for another leg up in its bull run, with recent price action adding weight to a bullish near-term XRP price prediction.
After a 20% drop from its mid-July high, XRP appears to have found solid footing around the $2.90 level, forming a double bottom — a classic reversal signal that suggests renewed buying interest.
However, broader macro conditions could add pressure. The US Federal Reserve kept interest rates unchanged in July, taking a wait-and-see approach amid new tariffs, while recent jobs data came in weaker than expected, adding uncertainty to the market outlook.
With the April “reciprocal” tariff pause ending today and 92 countries now facing higher levies, speculators see little chance of a September rate cut, further dulling risk appetite.
XRP Bull Run Hinges on Double Bottom Pattern
According to popular X analyst Ali Charts, a potential double bottom could see the XRP price return to $3.60, around the level that had capped its recent bull run.
His analysis notes a key resistance at $3.30, the neckline of the double bottom, and the key threshold for a confirmed breakout towards its target. However, the market is hesitant.
Open interest is showing signs of decline, falling 25% over the past 10 days, according to CoinGlass data—speculative interest is falling with traders wagering less on XRP price moves.
Active derivative traders do appear to be positioning for a continuation, though, with a long/short ratio of 2.59 on Binance showing over 72% of traders are still betting on price increases.
XRP Price Analysis: Is This the Setup for a New All-Time High?
The double bottom highlighted by Ali could set XRP back on the breakout path of its 9-month falling wedge pattern.
While post-breakout momentum stalled with the mid-June market top, a reversal here could refocus attention on its $4.10 target—a potential 40% move to new all-time highs.
Momentum indicators support this outlook. The RSI has rebounded from oversold at 30, now sitting at 37, suggesting buyers are stepping in as sellers reach exhaustion.
Meanwhile, the MACD histogram is beginning to flatten after a death cross, often an early signal of an uptrend on the 4-hour chart as it moves back toward the signal line.
If $2.90 holds, the double bottom will need to break through its neckline at $3.30 to confirm upside toward $3.60 and beyond.
However, if $2.90 fails and macro conditions take control over investor sentiment, the XRP price could tumble to deeper support around $2.70.
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The post XRP Price Prediction: Double Bottom Pattern Opens Door for Bull Market – Is This the Setup for a New All-Time High? appeared first on Cryptonews.
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