In a recent update, the analyst highlighted that a decisive close above $2.30 on the 3-day timeframe could confirm the formation of a Double Bottom pattern—a classic bullish reversal setup. If confirmed, this pattern may set the stage for a significant upward move.

Double Bottom Formation and Key Resistance

The Double Bottom structure typically signals a potential reversal in trend after a period of decline, and EGRAG suggests that XRP is now at a critical juncture.

For the pattern to validate, XRP needs to achieve a strong close above the $2.30 level and hold above the 21 EMA (Exponential Moving Average).

A successful breakout would unlock higher price targets, with EGRAG projecting potential upside levels at:

$2.50
$2.65
$3.00

Critical Support at $2.07

Despite the bullish setup, the analysis emphasizes that XRP bulls must continue defending the $2.07 support zone. Holding this level is crucial to maintaining positive momentum. A breakdown below this threshold could undermine the bullish thesis and delay further gains.

Chart Insights

The included chart illustrates the Double Bottom structure, with two clear troughs forming in the $1.70–$2.07 range. The arrows highlight the pivotal $2.07 support level and the neckline resistance around $2.30. EGRAG projects an upward trajectory that could eventually lead XRP to the $3.00 level and beyond, assuming bullish continuation.

The chart also features Elliott Wave annotations, suggesting the end of a corrective wave (C) and the beginning of a potential new impulse wave. This wave structure adds further technical weight to the bullish outlook.

Community Sentiment

EGRAG’s message to the #XRPFamily is one of resilience and optimism: “Stay steady and strong. Together we rise!” With momentum building and a bullish technical setup in place, XRP traders will be closely watching the $2.30 level in the coming days as a gateway to renewed highs.

The post XRP About to Skyrocket? Break Above $2.30 Could Unleash a Parabolic Surge appeared first on Coindoo.

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Filed under: Bitcoin - @ June 3, 2025 12:00 am