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XRP

XRP Price Pump To $3.35 On The Horizon With Bullish Cup And Handle Pattern Formation

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Altcoin News, XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The XRP price is getting ready for a significant pump, as a new Cup and Handle pattern has just formed on its chart. A crypto analyst who identified the pattern has released an analysis, predicting that XRP could rise to $3.35, marking a new local high for the cryptocurrency.

Cup And Handle Pattern To Trigger A Price Surge

The Cup and Handle pattern is a well-known bullish continuation pattern in which the price of a cryptocurrency moves upward in a rounded cup and corrects downwards as it forms a handle. This pattern is considered a bullish signal that marks the potential for a breakout. 

Related Reading: XRP Long Term Potential Remains Extremely Bullish Possibility Of Price At $20

Currently, XRP is forming a distinct price chart pattern. Ali Martinez, a prominent crypto analyst, shared a brief analysis of this newly formed technical pattern, projecting a surge to new highs for the price.

The rounded bottom of the cup in the pattern indicates a period of accumulation during which selling pressure decreases and buyers gain control. After XRP’s price surge to new highs earlier this year, the cryptocurrency experienced a major pull back that pushed its value below $3, forming the downward-sloping consolidations seen in the pattern’s handle.

XRP
Major upswing to be triggered by bullish chart pattern | Source: Ali Martinez on X

Martinez notes that if the coin can break out of the handle’s resistance, where volatility exists more, the next potential target would be $3.35. Currently, the XRP price is trading at $2.6, and Martinez has marked its critical resistance level between $2.7 and $2.8. These resistance levels align with the upper trendline of the handle pattern, which, once broken, would set the stage for a strong rally. 

Notably, a surge to $3.35 would represent a 28.8% increase in its price from its current market value of $2.6. As of writing, the cryptocurrency has increased by 9.6% over the last seven days after experiencing a decline of over 14% in the past month.

XRP Enters Phase 4 For Market Domination

Despite current volatility and price declines, a crypto analyst, identified as ‘the XRP guy,’ believes that the token’s price is getting closer to dominating the market. The analyst revealed that the cryptocurrency is currently in phase 4 of its rise to dominance, with this stage characterizing the potential end of the legal battle between Ripple and the US SEC. 

Related Reading: Analyst Shares Upper And Lower Targets For XRP Price

The analyst showed that XRP had already completed the previous phases. The first phase was the launch of the RLUSD stablecoin; the second was Donald Trump’s inauguration as the US President and the third was Gary Gensler’s resignation as the former SEC chair. 

The next three stages are set to become significant catalysts for the asset’s price. The crypto expert also mentioned the start of the highly anticipated altcoin season, Ripple’s potential partnership with big banks, and the possible approval and launch of an XRP ETF. The analyst suggests that these events will make it incredibly bullish and recommends investors hold their coins and refrain from selling.

XRP
XRP tradiing at $2.6 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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