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XRP Eyes $59 as Market Cap Chart Confirms Double Bottom Breakout

Jonathan Carls by Jonathan Carls
February 11, 2025
in Binance Feed, Market
Reading Time: 3 mins read
XRP Eyes $59 as Market Cap Chart Confirms Double Bottom Breakout
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  • XRP must hold above $2.27 to sustain its bullish momentum and avoid breakdown.
  • Market balance persists as XRP trades within its highest-traded volume range.
  • Derivatives volume decline signals uncertainty despite rising open interest levels.

XRP’s market trajectory has sparked excitement as analysts predict a potential surge to $59 if its market cap reaches $3.4 trillion. This projection, outlined by crypto analyst Steph Is Crypto, is based on a confirmed double bottom breakout pattern. The altcoin’s ability to maintain key support levels remains crucial for sustaining its bullish momentum amid current market volatility.

#XRP’s market cap chart confirms a double bottom breakout with a $3.4T target.

If it hits $3.4T, that’s $59 per XRP—a 24x move from here! pic.twitter.com/0uSLXDrlnZ

— STEPH IS CRYPTO (@Steph_iscrypto) February 11, 2025

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XRP’s Key Support at $2.27 Holds the Uptrend

Crypto analyst Martinez has highlighted $2.27 as a critical support level for XRP. The altcoin has been moving within an upward parallel channel on the 4-hour chart since early December 2024. 

Despite recent volatility, XRP has continued forming higher lows, reinforcing its long-term uptrend. However, it is now testing the lower boundary of this channel, raising concerns about a potential breakdown.

Recent price action shows that XRP has slipped below the median line of the parallel channel, retesting the lower trendline amid short-term declines. Notably, XRP has bounced off this support twice in February alone. 

Source: X

Martinez warns that a breach below $2.27, which aligns with the Fibonacci 23.6% retracement level, could invalidate the ongoing uptrend. Holding above this level, however, may enable XRP to regain bullish momentum and push toward the $3 mark, positioned at the 78.5% Fibonacci retracement level.

Market Structure and Trading Activity

Order book expert Don has analyzed XRP’s recent trading behavior, noting that the asset has remained stable within a key value area. According to him, XRP’s highest-traded volume level since the last major market event sits at the center of its current price range. This suggests a balance between buyers and sellers, with neither side dominating.

As of press time, XRP trades at $2.49, reflecting a 2.57% increase over the last 24 hours but a 4.15% decline over the past week. The cryptocurrency holds a market cap of $143.89 billion, supported by a circulating supply of 58 billion XRP. While XRP remains within its key trading range, a decisive move above $2.27 could determine its next trajectory.

Decline in Derivatives Volume Signals Market Uncertainty

Coinglass XRP’s derivatives data indicates shifting market sentiment. Trading volume has declined by 25.57%, falling to $5.20 billion. Meanwhile, open interest has increased by 4.57% to $3.72 billion, suggesting traders are taking new positions despite reduced trading activity. Additionally, options volume has plummeted by 66.97%, now at $854,080, while options open interest dropped by 10.34%, standing at $741,250.

Tags: Price AnalysisRipple (XRP) News

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