Ripple Technical  Analysis: XRP/USD double bottom formation gives some short-term relief hope, bloodbath still eyed

• Ripple price on Tuesday was seen nursing sizable losses yet again, down around 3%.
• XRP/USD has produced a double bottom formation, as seen on the 60-minute chart, which gives some near-term hope of relief easing from downside pressure.
• Crypto market across the board remains heavily weighted to the downside, as indicators still point firmly to a bloodbath.  

XRP/USD 60-minute chart

Spot rate:                    0.26191

Relative change:        -2.91%

High:                           0.27500

Low:                            0.26043

Trend:                         Bearish

Support 1:                   0.26050, double bottom area.

Support    2:                  0.25250, demand zone..

Support    3:                  0.24668, 14 August low.

Resistance 1:             0.26700, resistance on 60-minute chart.

Resistance 2:             0.27310, 50MA.

Resistance 3:             0.27911, 100MA.