XRP’s price has staged a comeback after dipping below $2 last week, surprising some investors. An analyst on TradingView sees this as a significant move, pointing to bullish candlestick patterns suggesting growing momentum.
Why the Bullish Outlook?
The analyst cites several reasons for their optimism:
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Cup and Handle Pattern: XRP’s price chart shows a classic “cup and handle” formation, a pattern often preceding a price surge. Historically, this pattern in XRP has led to a slow climb followed by a rapid jump.
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Potential Price Targets: If history repeats, XRP could retest the $2.33 resistance level. Breaking through this could propel it to $3.02. A strong volume surge could even accelerate the move, potentially hitting $2.59 before reaching $3.02. Once the price approaches the upper range, buyers are expected to step in.
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Long-Term Upward Trend: Longer-term charts also show a steady, gradual price increase, hinting at a potential rise towards $3.40. This is tantalizingly close to XRP’s all-time high of $3.80, which has remained unbroken for seven years.
The Bearish Case
It’s not all sunshine and rainbows. If the $2 support level fails again, XRP could plummet back towards $1.50. However, the analyst believes the current chart structure is strong and, with sustained momentum and no major market disruptions, XRP is primed for a bullish retest.
