[Digital Today intern reporter Seung-a Yoo] As XRP continues its downtrend, an analysis said signals suggesting a possible rebound have been detected in technical indicators. It said a double bottom and bullish divergence have appeared, while the share of supply held by large wallets has reached its highest level since 2022.

Decrypt, a blockchain media outlet, reported on Oct. 29 (local time) that crypto analyst Mikybull Crypto said a double bottom and bullish divergence had formed on XRP’s daily chart. "There is no need to say what comes next," he said. He argued the indicators point to a rebound rather than further declines.

XRP was trading at $1.29, CoinMarketCap data showed. It has fallen about 3 percent over the past 24 hours and 14 percent over the past month, and is down about 30 percent so far in 2026.

A chart shared by Mikybull Crypto showed XRP formed two similar lows in the $1.20 to $1.30 range, creating a double-bottom pattern. That suggests buying interest has emerged at those levels and is forming support after a decline that ran from August to October 2026.

XRP rebounded in late August and early September, then pulled back and moved sideways. On a lower indicator, bullish divergence appeared as downward momentum weakened even though the price failed to rise clearly.

Still, a shift to a full-fledged uptrend would require a break above resistance. Mikybull Crypto pointed to a resistance area around $1.60, connecting recent highs. If XRP breaks above that level, it could add weight to a bullish outlook, but if it falls below the $1.20 to $1.30 support zone, the rebound scenario could weaken.

Moves by large holders were also cited as a positive factor. Santiment data shared by Mikybull Crypto showed wallets holding at least 10 million XRP account for 68.5 percent of circulating supply. That is the highest share since November 2022. Mikybull Crypto said large holders continue to accumulate XRP and interpreted it as a signal supporting the possibility of a future rise.

He also released a chart two days ago claiming XRP’s "biggest parabolic rally" is being prepared and suggested it could rise as high as $8. He advised investors to "accumulate and wait."

Still, such projections are based on the analyst’s technical interpretation, and the timing and magnitude of any rebound remain uncertain. Whether XRP can hold the $1.20 to $1.30 support zone and break above $1.60 resistance will be key variables shaping its price path.