Market observers turned their attention to XRP as a bullish pattern takes shape. Thom Sieloff recently identified a cup and handle pattern, fueling speculation about a breakout.
Price Consolidation and Market Uncertainty
XRP is navigating a consolidation phase between $2.4 and $2.7 after descending from a $2.83 peak. This price stabilization follows a broader market downturn.
Formation of a Cup and Handle Pattern
The sequential drop, stabilization, and gradual recovery led to a cup-shaped structure, often recognized as a precursor to a bullish cup and handle pattern.
Can XRP Reclaim $3.36?
Historically, a breakout from the cup and handle pattern is a bullish continuation signal, leading to a strong rally. Analysts predict a significant price rally if resistance is broken.
Despite a recent price dip, XRP remains within the consolidation phase. The market eagerly awaits a breakout confirmation to see if XRP can reach new heights.
