Analyst CryptoBull has shared a chart showing a cup and handle pattern for the cryptocurrency XRP that is nearly complete. The chart depicts daily price data and a technical formation that began in January.
Cup & Handle Model for XRP
The chart shows a prolonged period of price consolidation before XRP gradually moves back toward the previous high. The asset dropped from $3.39 in January to $1.6401 in early April, forming the bottom of the cup. Following that, the asset built momentum gradually, before a swift rise to a new all-time high in July, marking the end of the cup. The handle began forming immediately thereafter, as the digital asset experienced a notable decline in the early days of August.
Current XRP Market Metrics
At the time of CryptoBull’s analysis, XRP traded at $3.1968 and has since risen to $3.26. A climb to the $8 to $9 range would require an increase of 145.4% to 176%. Other well-known analysts have predicted a massive rally for the asset, with some setting double-digit targets for the short term.
Analysts' Predictions and Confirmation Conditions
The chart suggests two principal confirmation conditions. First, observers should require a decisive daily close above the annotated resistance line around $3.2 to consider the rim cleared. Second, the breakout should occur with expanding volume to demonstrate genuine buying conviction. The 200-day moving average plotted below recent prices suggests that a confirmed breakout would align with a strengthening medium-term trend.
Analyzing the technical formations suggests significant growth opportunities for XRP; however, specific conditions must be met to impact buyer confidence.
