XRP Rejected at $0.60, but Cup and Handle Formation Suggests Imminent Rally

XRP recently encountered resistance at $0.60, but a Cup and Handle formation on the 4-hour chart implies a potential rally towards $0.70. Over the weekend, XRP briefly surpassed $0.60, reaching a one-month high before retracing. Currently, the token hovers around $0.59, just below the psychological barrier of $0.60. A market analyst observed that XRP breached the neckline of a cup-and-handle pattern on the 4-hour chart, suggesting a bullish trend continuation. Maintaining support above the $0.59-$0.60 range could confirm this bullish scenario, with a target of $0.69 to $0.70, representing a 17.7% gain. However, caution is advised due to potential volatility and liquidity risks. XRP must also surpass the $0.64-$0.65 zone, coinciding with the 0.786 Fibonacci level, to reach its next significant target of $0.70. Additionally, liquidity risks exist, as a significant accumulation of short positions around $0.66 could trigger a price surge when liquidation occurs. Legal expert Bill Morgan noted that XRP’s failure to sustain its breakout above $0.60 could lead to further consolidation. He emphasized the historical strength of this resistance level and advised caution until a decisive break and hold above $0.60 occurs.