news 
Analyst Sets XRP Price Targets As Cup & Handle Pattern almost Complete
A recent analysis by prominent crypto analyst CryptoBull (@CryptoBull2020) has set off a stir in the cryptocurrency community. The analyst claims that a cup and handle pattern is near completion for Ripple’s XRP, with a potential price surge targeting $8-$9.
According to CryptoBull’s chart analysis, which shows daily price data, the cup and handle formation began in January and is almost complete. The technical indicator suggests a prolonged period of price consolidation followed by a swift rise to a new all-time high in July, forming the end of the cup. A notable decline occurred in early August, marking the start of the handle.
The analyst emphasizes that two principal confirmation conditions must be met before considering this price surge: a decisive daily close above the annotated resistance line around $3.2 and a breakout with expanding volume to demonstrate genuine buying conviction.
If these conditions are met, the chart suggests that XRP’s price would align with a strengthening medium-term trend, backed by the 200-day moving average plotted below recent prices.
Furthermore, a clean retest of the resistance line, turning it into support, would significantly increase the probability of attaining the measured target.
Source: timestabloid.com
