XRP Price Analysis: Cup And Handle Pattern Suggests Potential 208% Short-Term Rally

XRP Price Analysis: Cup And Handle Pattern Suggests Potential 208% Short-Term Rally


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

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

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.

XRP Price Analysis: Cup And Handle Pattern Suggests Potential 208% Short-Term Rally
Author – Contributor at Lolacoin.org | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.