XRP Painting Legendary ‘Cup and Handle’ Pattern: Is $5 Possible?
The world of cryptocurrencies is ever-dynamic and unpredictable, yet certain technical formations hold considerable sway in their predictions. One such pattern, known for its bullish implications, is the ‘cup and handle’ formation. Recently, XRP has been embodying this textbook technical phenomenon, signaling potential bullish momentum.
With a robust daily gain of 7.35%, XRP surged to $3.26, breaking through resistance levels with apparent ease. This price action marks a significant development on its long-term chart, visible as a classic ‘cup and handle’ breakout pattern—a pattern familiar to seasoned technical analysts and traders alike.
The inception of this formation can be traced back to late 2023, running through 2024 during a prolonged period of decline followed by recovery. The rounded ‘cup’ base extends from highs of approximately $3.30 to lows around $1.50. As XRP prices ascend, reclaiming previous highs, the accumulation phase may be concluding, giving way to a new markup phase.
The critical component of this pattern—the ‘handle’—is presently in development. Typically, this feature emerges as a brief consolidation or minor pullback before experiencing a breakout. Though still forming, the current bullish momentum might continue in a parabolic path or slightly retrace to establish that final consolidation structure.
Should this pattern play out, the projected ‘measured move’ could position XRP close to the $5 milestone. This pattern’s validity is reinforced by trading volume behavior: lighter during pullbacks and heightened during rallies.
While the Relative Strength Index (RSI) currently stands at 86—a reading that often raises cautionary flags in strong upward trends—it does not inherently predict an imminent reversal. If XRP can stabilize around present levels without significant disruption, the handle may remain short and shallow.
A robust technical signal for XRP’s potential path to the anticipated $5 target would be a confirmed breakout beyond $3.30, supported by steady volume. In essence, XRP is offering one of the market’s most discernible bullish continuations. If the handle resolves successfully, the asset may very well ascend to its highest levels since the monumental 2017 bull run.
Enthusiasts and traders are keenly watching as XRP navigates the final stages of this potentially lucrative formation. As ever, the cryptocurrency market remains unpredictable, yet the ‘cup and handle’ formation signals a promising horizon ahead for XRP amidst the intricate web of digital trading.
For those visualizing the current market setup, here’s an illustrative representation of XRP’s pattern.
