XRP Could Be on the Precipice of Another Parabolic Rise, Hints Cup and Handle Chart Structure

XRP is approaching a potential breakout that will result in an explosive outcome.

Cryptocurrency XRP, which is linked to Ripple, might be on the verge of another parabolic ascent. XRP is forming a compelling pattern on the price chart, which could indicate a potential surge of up to 28% in the near future, according to a well-known crypto analyst.

XRP’s Cup And Handle Hints At Move To $3.35

XRP is nearing a potential breakout that could lead to an explosive outcome.

Technical analyst Ali Martinez, who has 127,000 followers on the X social media platform, pointed out that XRP has been forming a cup-and-handle chart structure on its four-hour chart since February 1.

In technical analysis, the cup and handle pattern is a well-known bullish continuation pattern where the price of a crypto asset moves upward in a rounded cup and corrects downward as it creates a handle. This formation is typically viewed as a bullish signal that marks the potential for a parabolic breakout.

The rounded bottom of the cup in the pattern indicates an accumulation phase during which selling pressure decreases and buyers drive the price. After XRP’s price surged to new highs earlier this year, the cryptocurrency underwent a major correction that drove its price below the $3 level, followed by a strong comeback in what appears to be a U-shaped recovery forming a cup.

The pattern is validated when the price pushes above the handle, surging to about an equal size to the previous drop.

According to Martinez’s accompanying chart, an XRP breakout will occur after breaking past the pattern’s resistance at $2.80.

This breach would embolden the bulls to push the price toward $3.35, representing a 28% jump from the current levels. At the time of writing, XRP is trading at $2.61.

“If XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!” Martinez noted.

XRP Poised For Potential Bullish Reversal

Martinez is not the only crypto analyst with a bullish outlook on XRP. For example, Dark Defender suggested that XRP must first overcome the strong resistance at $2.77 for the coin to attempt to reclaim the $3 level.

“XRP is attempting to claim the $2.7740 level. If successful, then $3 will be in play. Breaking this channel heralds 2 digits levels first!”

Several catalysts are in the works for XRP, including the potential launch of spot exchange-traded funds (ETFs) in the U.S. or Ripple executives courting the new U.S. President Trump administration, which could also unlock new avenues for the asset’s mainstream adoption.