Analyst Sets XRP Price Targets As Cup & Handle Pattern almost Complete
Main Idea
A crypto analyst identifies a bullish 'cup and handle' pattern for XRP, predicting a potential price surge to $8-$9, with key confirmation conditions and current market trends supporting this outlook.
Key Points
1. CryptoBull (@CryptoBull2020) highlights a nearly complete 'cup and handle' pattern for XRP, indicating a potential price target of $8-$9.
2. The pattern shows XRP's price consolidation from $3.39 to $1.6401 (forming the cup) and a subsequent rise, with the handle forming in early August.
3. For the pattern to confirm, XRP must clear the $3.2 resistance level with expanding volume, signaling strong buying interest.
4. The 200-day moving average suggests a strengthening medium-term trend if the breakout is confirmed.
5. At the time of analysis, XRP traded at $3.1968, requiring a 145.4% to 176% increase to reach the $8-$9 target range.
Description
CryptoBull (@CryptoBull2020), a well-respected crypto analyst on X, has published a chart on X showing a cup and handle pattern that is almost complete. The chart shows daily price data and the technical formation began in January. It shows a pronounced, rounded base followed by a shorter consolidation to the right. A Notable Bullish Pattern for XRP The cup shows a prolonged period of price consolidation before XRP gradually moves back toward the previous high. The asset dropped from $3.39 in Ja...
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