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Crypto Millionaire Spots Bullish XRP Cup & Handle, Sets Price Target
After months of ranging movement and uncertainty, XRP has presented a technical pattern that may suggest the digital asset is approaching a decisive moment. Observers have noted consistent buying pressure on the weekly timeframe, with one analyst identifying what could be a powerful signal of trend reversal.
Gordon (@AltcoinGordon), a self-proclaimed crypto multi-millionaire, recently shared a chart that outlines a developing cup and handle formation. According to his assessment, this structure appears to be taking shape across XRP’s weekly timeframe. If validated, the breakout target could stretch as high as $5.2.
The cup and handle pattern is one of the more structurally defined setups in technical analysis. It reflects a rounded bottom that leads into a smaller consolidation before the price potentially breaks out past resistance. In this case, XRP’s market has spent an extended period forming the base of this setup.
It began forming in January after XRP hit a multi-year peak of $3.39. The asset maintained some momentum throughout January, but broader market forces pulled it below $3 in early February, and the asset has struggled since then.
Source: timestabloid.com
