Bitcoin risks 30% loss against XRP if ‘triple bottom’ confirms
XRP has significantly lagged behind Bitcoin in 2024, but a recent Mt. Gox- and German government-led sell-off in the BTC market may spark renewed interest in the altcoin.
After hitting a four-year low, XRP (XRP) appears on the brink of a comeback against the Bitcoin (BTC) trading pair. Fueling this optimistic turnaround is the emergence of a classic bullish pattern, namely the triple bottom formation.
A triple bottom pattern develops when the price forms three distinct lows, all reaching a similar price level, thus indicating strong support.
After the third low, the price breaks above the neckline resistance level formed between the lows and, as a rule of technical analysis, rises by as much as the maximum distance between the pattern’s lowest point and the neckline.
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Author: Yashu Gola
