XRP is displaying a notable technical formation on its weekly chart. Crypto analyst Dark Defender notes that XRP has formed a 'Double Coffee Cup' pattern, often linked to potential bullish trends.
Technical Analysis of XRP
The 'Double Coffee Cup' formation on the XRP chart, marked with blue and orange curves, indicates an extended consolidation phase coming to an end. XRP has broken out above the Ichimoku Cloud, which is a bullish signal.
New Support Levels
Dark Defender highlights new support levels at $1.03 and $0.95, which act as critical zones where buying interest might emerge during pullbacks.
Prospects for XRP Price Increase
The analysis suggests XRP could reach $1.88, $3.09, and $5.85, with Fibonacci extension levels supporting these projections. Particularly, the 161.8% extension aligns with the $1.88 target.
The formation of the 'Double Coffee Cup' pattern on the XRP chart indicates the potential for significant growth in the near future. This aligns with improving regulatory clarity and market optimism.
