Cup And Handle Pattern Puts XRP Price At $60 After Hitting Resistance
Crypto analyst CryptoBull has highlighted a bullish sample that would ship the XRP price to as high as $60. This ultra-bullish prediction comes because the altcoin continues to wrestle under key resistance ranges amid the present crypto market downtrend.
XRP Price Could Reach $60 With This Cup and Handle Pattern
In an X post, CryptoBull revealed {that a} Cup and Handle sample is unfolding on the month-to-month chart and that the measured goal for XRP is $60. In one other X post, the analyst prompt that the altcoin’s downtrend could also be over quickly and that it might start a run into double digits.
This got here as he drew consideration to the Relative Strength Index (RSI) on the weekly and month-to-month timeframes, noting that it’s under the 2020 backside of $0.11. He added that the upside for the RSI is big and that this may put the XRP worth nicely above $10 very quickly. Interestingly, the analyst declared that XRP, not Ethereum, will lead the altcoin season. He added that the chart reveals a rounding backside and that the subsequent transfer is up.
Crypto analyst Dark Defender additionally predicted that the XRP worth might attain double digits sooner or later. In an X post, he said that the altcoin has been continuing in an ascending pattern channel since 2017 and that the W Pattern is intersecting the Fibonacci stage at $18. He added that nothing can cease what’s coming. His accompanying chart confirmed that the altcoin might attain this $18 worth goal this yr.
XRP Is Still Facing Resistance At The Moment
Crypto analyst CasiTrades noted that the XRP worth continues to be going through resistance on the $1.65 stage. The altcoin had rallied to this worth stage over the weekend however confronted resistance there, resulting in a pointy decline under key ranges. With the value now under $1.53 once more, CasiTrades said that this implies that the altcoin is losing momentum.
The analyst additional remarked that with the power of the selloff just a few weeks in the past, it’s unlikely that the market pivots straight into macro Wave 3 with out another wave down to totally exhaust sellers. As such, there’s the probability of XRP dropping to new lows earlier than any potential bullish reversal to a new all-time high.
CasiTrades said that on the subwaves, there’s alignment for a double backside close to $1.11, with an extra drop to round $0.90 additionally nonetheless potential. She added that what issues now on the subsequent low is seeing sturdy bullish divergence and momentum shift. On the bullish aspect, she famous that if the XRP worth reclaims $1.65 and holds, it will be the primary actual signal of power.
At the time of writing, the XRP worth is buying and selling at round $1.47, down within the final 24 hours, in keeping with data from CoinMarketCap.
