XRP’s price might be about to skyrocket, according to a recent analysis. A bullish “Cup and Handle” pattern has formed on the charts, suggesting a significant price increase is on the horizon.
The Cup and Handle Pattern Explained
The Cup and Handle is a classic chart pattern that often signals a price surge. It looks like a rounded “cup” followed by a short downward correction, the “handle.” This pattern suggests buyers are accumulating the asset, leading to a potential breakout.
Analyst Predicts $3.35 Target
Crypto analyst Ali Martinez has identified this Cup and Handle pattern in XRP’s chart. He predicts a price jump to $3.35, a nearly 30% increase from the current price of around $2.60. He points to the resistance level between $2.70 and $2.80 as a key hurdle. Breaking through this resistance would likely trigger the predicted rally.
XRP’s Path to Market Domination?
Another analyst, known as “the XRP guy,” believes XRP is in the final stages of its journey to market dominance. He’s outlined four phases:
- RLUSD stablecoin launch.
- Donald Trump’s inauguration.
- Gary Gensler’s resignation from the SEC.
- The current phase, which includes the potential end of the Ripple-SEC lawsuit.
This analyst anticipates further catalysts, including:
- The start of altcoin season.
- Potential partnerships between Ripple and major banks.
- The possible approval of an XRP ETF.
He advises investors to hold onto their XRP.
