XRP Price Prediction: Veteran Trader Says XRP Could Be Forming a Major Bottom

XRP price is testing a key support zone near $1.40 after losing half of its gain. The token climbed 71.8% from $0.988 to $1.698 before entering a 20% correction. Veteran analyst Matthew Dixon now sees a possible major bottom, but says XRP still needs confirmation.

XRP Price Shows Signs of a Possible Bottom

Crypto analyst and veteran financial trader Matthew Dixon said XRP’s chart has become more constructive, although he does not see a confirmed new bull trend yet.

Dixon said, 

“XRP, the chart has become substantially more constructive, but I would call it a potential major bottom rather than a confirmed new bull trend.” 

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.

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

Still, Dixon warned that the recent recovery could simply be an oversold bounce. If XRP fails to break through the $1.55-$1.70 area and turns lower, the price could retest $0.94.