XRP Maintains Weekly Support, Aims for $1.33 Amid Cup and Handle Formation
XRP is showing resilience by defending its weekly support, indicating a potential rally towards $1.33 as a reliable cup and handle pattern forms.
The cryptocurrency market has been lacking a clear trend in recent days, with prices mostly trading within a range. This consolidation has affected XRP’s ability to surpass the $0.5 mark.
Despite the overall market uncertainty, XRP has managed to hold its ground by staying above its weekly support level. Market analyst Cryptoes has confirmed this, suggesting that a significant upward movement for XRP is imminent.
Cryptoes’ chart showcases the downward pressure XRP faced in early April, causing it to dip below a crucial upper trendline and drop 15% within seven days to $0.5037. Although XRP has recovered from this decline and is currently trading above $0.50, it has been unable to reclaim the $0.60 level and break above the upper trendline.
Nevertheless, the bulls have successfully defended against any drops below the significant weekly support at the lower end of the $0.5 range. Cryptoes believes that XRP maintains a strong position on the weekly chart despite market volatility, indicating an upcoming significant upward movement.
Another analyst, Dark Defender, also confirms the bullish structure of XRP’s weekly chart. According to the Fisher Indicator, XRP has entered oversold territories. The Fisher Indicator is a tool that converts price movements into a normal distribution, highlighting extreme levels to identify potential turning points in the market.
Furthermore, Dark Defender reveals that XRP has formed a cup and handle pattern on the weekly timeframe. This pattern suggests a potential bullish breakout, indicating a continuation of an upward trend following a period of consolidation.
Dark Defender predicts that XRP will surpass its previous highs below $1 and potentially reach $1.33 once it secures a breakout above the handle. It is worth noting that XRP last reached the $1.33 price level during the previous bull run in November 2021.
According to Dark Defender’s chart, if XRP breaks out, it could rise to the November 2023 highs at $0.7476. From there, a possible 77% spike to the $1.33 price is projected. Currently, XRP is trading at $0.5253, experiencing a 2.20% increase on the current weekly candle. The relative strength index (RSI) sits at 46, indicating potential room for expansion.