XRP Daily Chart Reveals Bullish Cup & Handle Pattern
If you’ve been following XRP’s price movements, you might be interested to know that a crypto analyst, Dark Defender, has spotted a bullish Cup and Handle pattern on the XRP daily chart. This pattern suggests the potential for significant gains in the near future.
Dark Defender points out that based on the Elliott Waves and this Cup and Handle pattern, XRP could target $1.05 and $1.88. This pattern started in July and peaked at around $1.05 before seeing a correction of about 52%, which falls in line with the classical Cup and Handle setup.
Identifying the Cup and Handle Pattern
This pattern’s cup formation suggests a period of consolidation followed by a breakout, while the handle indicates a smaller pullback before the price continues its upward trajectory. The handle’s resistance zone lies between $0.75 and $0.6649, with a crucial support at $0.5286, according to Dark Defender.
Currently, XRP is trading above these support levels, but it also faces resistance at $0.6649, which could confirm the pattern’s predicted outcome if it breaks decisively. Dark Defender expects XRP to hit $1.05 and $1.88 in the short term, as long as key support levels between $0.5286 and $0.6044 remain intact.
Resistance Levels and Moving Averages
Additionally, the XRP price is struggling to overcome resistance at the 0.382 Fibonacci level at $0.6275 and break through the 20-day EMA. However, Dark Defender’s bullish prediction could materialize if XRP manages to surpass these key resistance levels.
Hot Take: XRP Gearing Up for a Bullish Breakout
The Cup and Handle pattern on the XRP daily chart signals a potentially significant rally. With $1.05 and $1.88 as the short-term targets, XRP’s bullish outlook hinges on maintaining crucial support levels while breaking through major resistances, including the 0.382 Fibonacci level and the 20-day EMA.
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