This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

XRP: Prints spinning bottom

XRP (XRP) chalked out a "spinning bottom" candlestick pattern on Monday, which occurs when prices swing back and forth in a broad range, but end the day near the opening price. The shadows representing the intraday high and low indicate that both buyers and sellers were active, but neither side could gain a dominant position.

When the pattern appears after a notable price drop and at key support, as in XRP's case, it signals that the selling pressure may be waning and buyers are stepping in to defend the price.

As seen on the daily chart, XRP's spinning bottom has appeared following a 25% pullback from the July peak of $3.65 and at a key support level near the August

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