Dark Defender (@DefendDark), one of the top analysts in the crypto market, recently shared a chart confirming his prediction and suggesting that a massive XRP rally is on the way. He shared a daily XRP chart showing a cup and handle pattern and highlighting XRP’s recent break above the handle.
Cup and Handle Pattern
The cup and handle is a bullish technical pattern identified in the price movement of an asset. It is recognized for its resemblance to a cup with a handle. The cup is formed by a steady decline in price followed by a rebound, creating a U-shaped pattern. The handle is a brief, downward price movement after the rebound that does not reach the bottom of the cup. A breakout above the handle, as XRP has done, is seen as a bullish signal, indicating a potential rise in price.
Now that XRP has successfully broken above the cup’s upper trendline, the community is eager for the massive rally that often precedes this technical indicator.
Price Targets for the Cup and Handle Pattern
Dark Defender showed this technical formation under a week ago. The analyst showed that XRP is currently in Wave 3 of an Elliott Wave pattern, suggesting a massive rally when combined with the cup and handle pattern.
Based on these indicators, the analyst set $1.33 as the target for XRP. Many other analysts are more bullish on XRP’s future, with predictions as high as $50.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Will XRP Reach 1.33?
The Cup and handle pattern is a significant indicator when predicting asset prices. The appearance of the cup and handle pattern and the Elliott Wave pattern hints at something massive. $1.33 is just the beginning, as these indicators could send XRP to new heights.
In addition to technical analysis, there are other important factors to consider when making investment decisions. A major one is the fundamental analysis of the asset. This involves analyzing the underlying fundamentals of an asset, such as its financial performance, competitive advantage, and management team. XRP has strong fundamentals and an active community ready to support its crypto project.
The overall health of the economy and the cryptocurrency market can also significantly impact the price of XRP. News events and regulatory announcements can also affect XRP. The next few weeks could be intriguing as XRP begins its predicted climb that multiple analysts have predicted.
Follow us on Twitter, Facebook, Telegram, and Google News
