XRP Price: Cup & Handle Pattern Hints At Short-Term 208% Surge
Crypto analyst Dark Defender has identified a bullish 'Cup and Handle' pattern on the XRP daily chart, signaling potential for substantial gains....
- Crypto analyst Dark Defender has identified a bullish 'Cup and Handle' pattern on the XRP daily chart, suggesting potential for substantial gains.
- The cup formation began in July and extended through October, with a peak around $1.05 and a subsequent drop of approximately 52%.
- The handle formation has formed a resistance zone between $0.75 and $0.6649, indicating a bullish continuation.
- Key support and resistance levels are crucial for the pattern to remain valid, with the handle having potential support at $0.5286.
- XRP is currently trading above support levels, with the next significant resistance at $0.6649.
- The XRP price is facing resistance at the 0.382 Fibonacci level and is sandwiched between the 20-day and 50-day EMAs.
The sentiment of the article is positive, as it highlights the potential for substantial gains in XRP based on the identified bullish pattern.