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**XRP Price Prediction & Analysis: Cup and Handle Pattern, Breakout Coming Soon?**
In a recent tweet, renowned analyst Ali Martinez highlighted a symmetrical triangle pattern on the hourly chart of XRP (Ripple), suggesting a potential 14% upward movement. This formation consists of a falling upper trendline connecting swing highs and a rising lower trendline along swing lows.
The predicted 14% move would potentially push XRP’s price toward the $3 mark, which could be significant for market participants. Additionally, some analysts have presented more ambitious price targets, including Egrag Crypto’s forecast that XRP could reach $67 if certain higher levels are broken.
However, it is essential to note that these predictions rely on specific confirmations of bullish patterns, such as at least two candlesticks closing above the upper trendline. As of now, XRP has dropped approximately 1% over the past 24 hours, trading at around $2.55.
Despite ongoing regulatory scrutiny from the SEC, XRP has demonstrated resilience in the face of uncertainty. Institutional interest in digital assets is growing, with recent developments like discussions surrounding the MicroStrategy ETF. These market dynamics could potentially influence XRP’s price action.
Moreover, the broader altcoin market’s performance may be linked to Ethereum’s price action. Analysts have noted that an inability for Ethereum to maintain its support at $2,600 could lead to further market declines, potentially hindering any potential upside in the XRP market.
Current resistance levels for XRP are established at $2.60, $2.85, and $5.85 for the long term. These price points may become critical areas where selling pressure might increase and require additional buying volume to overcome.
In conclusion, while short-term uncertainty surrounds the XRP market due to regulatory concerns and other factors, medium-term predictions from respected analysts suggest a potential 14% upward movement, which could lead to significant gains if confirmed.
Source: https://blockonomi.com/xrp-price-prediction-analysis-cup-and-handle-pattern-breakout-coming-soon/
