XRP Formed a Double Bottom Near $1 This Summer: Will It Hold or Break Down?

XRP Double Bottom Forms Near $1 This Summer: Will It Hold or Break Down?

Market Overview

At close, the S&P 500, Dow Jones, Nasdaq 100, and Russell 2000 were trading above their respective opening levels, indicating a bullish market sentiment.

XRP Double Bottom Pattern

XRP formed a double-bottom pattern near the $1 mark this summer. After dropping to around $1.01 on June 26, 2026, it closed at approximately $1.03 on August 6, before buyers stepped in. After that, the coin surged nearly 46% to $1.53 by late September. However, XRP has since given back some of those gains. As of October 10, it was trading around $1.41, down about 5% over the past week and approximately 61% below its all-time high of $3.65.

Double Bottom Confirmation

A double bottom is a chart pattern that resembles the letter “W.” Price first falls to a level, bounces back, drops again to a similar level, and then holds that low. Traders interpret this second hold as a sign that buyers are supporting the price, as it returned to the same level twice. This pattern is confirmed only when the price closes above the highest point established between the two lows, known as the neckline.

Potential Targets

Traders also often look for lighter volume on the second low, suggesting sellers are losing strength. XRP fits this pattern well. After the June 26 low, the coin traded between $1 and about $1.18 throughout July, then fell back to its lowest daily close of the year, around $1.03, on August 6. Buyers defended the $1 area on both occasions. XRP then closed above the $1.18 to $1.20 range that capped its July moves, confirming the double bottom. A common method is to add the pattern’s depth—about 18 cents—to the neckline, suggesting a possible target around $1.37. XRP exceeded this by reaching $1.53 by late September. Even though a confirmed double bottom suggests bullish sentiment, XRP has pulled back about 8% from its late-September high.

Retest and Breakout

Traders are now eyeing the $1.17 to $1.20 zone—about 15% to 17% below the October 10 price—where the previous neckline intersects with a 78.6% retracement of XRP’s rally from $0.50 to $3.65. A pullback to a broken neckline is common and is called a retest. If buyers re-enter at this level, the pattern remains intact. Conversely, a daily close below about $1.17 could weaken the breakout and put the summer lows near $1—about 29% below the October 10 price—back in play. Additionally, a surge of forced selling from leveraged traders can cut through any chart level, regardless of the established pattern.

Conclusion

Currently, the XRP double bottom is still holding. It is trading roughly 18% above its $1.20 neckline and about 37% above its August low, so the recent 5% weekly decline appears to be a normal pullback within a confirmed pattern rather than a breakdown.