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 cryptocurrency analyst, Dark Defender, has spotted a positive trend Cup and Handle pattern on the XRP daily chart. This pattern suggests the capacity for whole lot of gains in the near future.
Dark Defender notes that 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 critical support at $0.5286, according to Dark Defender.
As of now, XRP is trading over these support levels, but it likewise 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
In addition, the XRP price is struggling to overcome resistance at the 0.382 Fibonacci level at $0.6275 and break through the 20-day EMA. Nonetheless, Dark Defender’s positive trend 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 whole lot of rally. With $1.05 and $1.88 as the short-term targets, XRP’s positive trend outlook hinges on maintaining critical support levels while breaking through major resistances, including the 0.382 Fibonacci level and the 20-day EMA.
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