- The XRP price trend is heading to a double bottom formation, which could signal the potential resumption of its mid-July rally.
- The token’s inclusion in South Korea’s first certified institutional-grade digital asset custody service could reinforce bullish outlooks.
Double Bottom Bullish Price Formation in XRP
Price trends indicate that XRP may be on its way to hitting a double bottom formation on the four-hour chart. The pattern resembles the letter “W,” wherein the two bases signify a key support level or similar lows for an asset’s value within a specific period.
According to a popular technical analyst with the alias Egrag Crypto on X, a healthy dose of correction around $2.80—mirroring August 3’s critical support zones—could establish a launchpad for another XRP price rally. However, he believes XRP must maintain its price above $3 in the daily chart, as it falls within a significant psychological level. It somewhat offers reassurance to investors about their positions.
Meanwhile, the analyst noted that the candlewicks in the chart indicate a considerable selling pressure, but the full body candles maintaining their strength above $3 suggest a promising outlook. Nonetheless, he warned investors to keep a watchful eye as XRP retests around $2.96 and $2.93, as a close below $2.80 could break the cryptocurrency asset’s bullish momentum.
Egrag is bullish about XRP closing to $3.185 in the near-term, but he views $3.25 as a preferable outcome, as it could accelerate the token’s momentum. On the other hand, the digital asset’s price close to $3.33 or $3.45 could potentially boost its surge beyond the prevailing $3.84 all-time high.
South Korea’s BDACS Announces Support for XRP
Despite the persistent selling pressure in the Bitcoin (BTC) and altcoin markets lately, the XRP Army and broader crypto community continuously see a silver lining in Ripple’s efforts to expand the use case and adoption of the XRP Ledger (XRPL) and XRP. Today marks the launch of BDAC’s (Blockchain Digital Asset Custody Service) custody support for XRP and Ripple USD (RLUSD)—assets underpinned by the XRPL.
Ripple considers the development an essential milestone in its Asia-Pacific expansion and growth of XRPL. After all, BDACS is South Korea’s first certified and regulated digital asset custody solution.
The company caters to institutional demands, which are critical in Ripple’s extension of its tailored cross-border solutions for banks and other financial players. BDACS and Ripple first announced their partnership on February 26.
Final Thoughts
Egrag’s mixed readings mainly focus on technical trends and do not account for macroeconomic and other fundamental factors. With that, readers should take his advice with a pinch of salt.
Furthermore, all facts presented here are only meant for informational and educational purposes. They do not constitute financial advice or product recommendation from the author or the Blockzeit team.
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