XRP Forms W Pattern
Notably, such W formations often take the shape of a double bottom, a similarly bullish structure. Specifically, XRP’s W structure began after it surged to the $3.8 peak in January 2018.
Following this high, XRP observed a massive correction, dropping to a low of $0.1050 in March 2020, the first bottom, before eventually recovering. This recovery allowed XRP to rally to a local top of $1.96 by April 2021, essentially forming the first part of the W pattern or double bottom structure.
Interestingly, the formation of the second part began immediately, as XRP collapsed from the $1.96 top to reach a low of $0.2879 in June 2022 on the back of the Terra implosion. This marked the second bottom. However, XRP recovered during the November 2024 upsurge to complete the W formation.
