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Analyst Sets XRP Price Targets As Cup & Handle Pattern almost Complete
Crypto enthusiast and analyst Solomon Odunayo has issued a new price target for Ripple’s XRP (XRP) as the cup-and-handle pattern appears to be nearing completion. According to CryptoBull, the well-respected crypto analyst, the asset is poised to make a significant upward move, potentially reaching $8-$9.
The chart in question shows a daily price data and a technical formation that began in January. The analysis suggests that XRP dropped from $3.39 to $1.6401 in early April, forming the bottom of the cup. Following this decline, the asset gradually regained momentum before surging to a new all-time high in July, marking the end of the cup.
The handle portion of the pattern began shortly after, as the digital asset experienced a notable downturn at the start of August. Based on this formation, CryptoBull forecasts a substantial price surge targeting the $8-$9 range. This prediction stems from the calculated move measured by the cup’s vertical depth and the breakout level at the rim.
Furthermore, an increase in volume can be observed as XRP’s price moves toward the resistance line. A decisive daily close above this level is essential to validate the rim’s clearance. Additionally, a confirmed breakout should occur with expanding volume to demonstrate genuine buying conviction.
It is also worth noting that XRP’s price is retesting the resistance line and if it turns into support, it will further increase the probability of achieving the predicted target.
In conclusion, this forecast comes as XRP currently trades at $3.26. To reach the projected targets, the asset would need to climb by 145.4% to 176%.
Source: timestabloid.com
