XRP Price Prediction: Double Bottom Forms with Bearish Threat as XRP Holds Above $3 Support

XRP is showing signs of a double bottom pattern, a potential bullish signal, but bearish pressure still remains. According to our analysis, $3 support level is key, as XRP continues to hold above it despite market uncertainty. However, weakening on-chain metrics could put pressure on buyers, potentially causing them to lose momentum and increasing the risk of a selloff.

XRP Records Its Best Month

July has been the strongest month for XRP so far, with the price seeing major gains following several market updates. Data from CoinMarketCap shows that XRP surged over 41% in the past 30 days, holding steady above the important $3 support level.

According to Coinglass, XRP faced a wave of liquidations in the last 24 hours. The total value of these liquidations was more than $17.5 million, with nearly $13 million coming from long positions, as buyers exited following a rejection around the $3.2 mark, leading to a selloff.

Open interest for XRP dipped slightly, down 0.16%, now standing at $8.46 billion. Despite this small decline, the funding rate remains positive at 0.0092%, suggesting that traders still lean toward a bullish outlook even though bearish pressure is growing.

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Over the past week, monthly XRP futures have been consistently trading at a 6% to 8% premium, which shows that market sentiment remained stable during the $3 price retest. Even when XRP briefly moved above $3.6, there was no sharp rise in demand for leveraged long positions.

Some of the recent buying demand around XRP also comes from speculation about a U.S.-approved spot ETF. If approved, it could positively impact other altcoins as well,