XRP Price Watch: Daily Chart Hints at Reversal After Double Top Pattern
XRP price watch is flashing warning signs as the daily chart forms a double top pattern. This technical setup often signals a possible reversal, and traders are keeping a close eye on whether XRP’s bullish run is about to pause or shift into a correction.
Currently, XRP is trading at $2.88 per coin, giving it a market capitalization of $171.30 billion and a 24-hour trading volume of $6.31 billion. The intraday range of $2.872 to $3.09 highlights consolidation after recent swings, reflecting indecision in the market.
The Double Top Pattern Explained
The double top is one of the most recognized bearish reversal patterns in technical analysis. It forms when price tests the same resistance level twice but fails to break higher.
In XRP’s case, the $3.10–$3.15 zone has become a critical barrier. Each attempt to push past has been met with selling pressure, suggesting bulls may be losing momentum.
Why Traders Are Watching This Setup
Several signals make this chart worth paying attention to:
- Bearish Momentum: XRP has failed twice to close decisively above $3.10.
- Support Zone at $2.85: If price breaks below this level, bearish momentum could intensify.
- Volume Decline: The recent consolidation comes with shrinking trading volume, often a precursor to larger moves.
If XRP confirms the double top by breaking support, short-term traders could see a pullback toward $2.70–$2.75.
Recent News Influencing XRP Sentiment
The ongoing SEC vs. Ripple legal battle continues to cast a shadow. While Ripple has scored partial victories in the past, the uncertainty around regulatory clarity weighs heavily on investor confidence.
At the same time, adoption news remains supportive. Ripple’s partnerships with global remittance firms keep XRP relevant in cross-border payments, even as traders debate its short-term trajectory.
Market Outlook: Bearish Reversal or Healthy Reset?
Not everyone is calling for doom. Some analysts argue that XRP’s consolidation is a healthy reset after a sharp rally earlier this year. If XRP holds above $2.85 and breaks through $3.15 on strong volume, the double top could be invalidated, and a run toward $3.50 may follow.
The next few sessions will be crucial. Traders should keep an eye on daily closes and volume surges for confirmation of either a bearish reversal or renewed bullish strength.
Risk Management Tips for Traders
- Set clear stop-loss orders around $2.82 to manage downside risks.
- Avoid overleveraging, especially with pattern-based trades.
- Track news on SEC vs. Ripple, as any update could trigger volatility.
- Watch Bitcoin’s price, since broader crypto market trends often spill over into XRP.
Key Insight
XRP price watch suggests the daily chart’s double top pattern could be signaling a reversal. Whether this setup leads to a correction or just a temporary pause, traders should prepare for heightened volatility. For long-term investors, the bigger narrative around adoption and regulation still holds weight.
