$XRP Forms 'Potential Major Bottom' Says Veteran Analyst

Veteran analyst Matthew Dixon says XRP could be forming a major bottom. The token has lost half of its gain after climbing 71.8% from $0.988 to $1.698, before entering a 20% correction.

Dixon believes the drop from around $3.65 could have formed a completed A-B-C correction. He also pointed to XRP's move into the $1.00 support zone and the strong weekly rebound as signs that selling pressure may have eased.

$XRP needs to hold above $1.20-$1.30 and then break above $1.70 for the bullish setup to strengthen, according to Dixon. A move above $2.00 would offer stronger evidence that the larger uptrend has returned.