XRP Seeks Confirmation as Analyst Hints at Major Bottom Formation

XRP has been trading near $1.40 after losing half of its previous gain, which saw it climb 71.8% from $0.988 to $1.698 before entering a 20% correction.

Veteran analyst Matthew Dixon believes XRP's chart is becoming more constructive and sees the potential for a major bottom, but notes that this has not yet been confirmed.

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

To strengthen the bullish setup, Dixon says XRP needs to hold above $1.20-$1.30 and then break above $1.70; a move above $2.00 would offer stronger evidence of a larger uptrend's return.