XRP Price Gets Ready to Pump as New Cup and Handle Pattern Forms on Its Chart

The XRP price is getting ready for a significant pump, as a new Cup and Handle pattern has just formed on its chart. A crypto analyst who identified the pattern

Cryptocurrency XRP is preparing for a substantial price increase, with the recent formation of a Cup and Handle pattern on its chart. A crypto analyst has identified the pattern and released an analysis, predicting that XRP could reach $3.35, setting a new local high for the cryptocurrency.

The XRP price is experiencing a unique chart pattern formation, which has been briefly analyzed by Ali Martinez, a prominent crypto analyst, who highlighted the potential for the coin to rally to new highs.

The pattern, which is a rounded bottom at the cup and a downward-sloping consolidation at the handle, is a bullish signal that often marks the possibility of a breakout.

In the case of XRP, the rounded bottom of the cup indicates a period of accumulation, where selling pressure decreases and buyers gain more strength. After XRP’s price surged to new highs earlier this year, the cryptocurrency experienced a major pull back that pushed its value below $3, forming the downward-sloping consolidations seen in the pattern’s handle.

According to Martinez, if the coin can break out of the handle’s resistance, where more volatility is present, the next potential target would be $3.35. Currently, the XRP price is trading at $2.6, and the crypto analyst has marked its critical resistance level between $2.7 and $2.8. These resistance levels coincide with the upper trendline of the handle pattern, which, once broken, could set the stage for a strong rally.

It’s worth noting that a surge to $3.35 would indicate an increase of 28.8% in its price from its current market value of $2.6. At the time of writing, the cryptocurrency had risen by 9.6% over the last seven days, following a decline of over 14% in the past month.

Meanwhile, another crypto analyst, who goes by the name ‘the XRP guy,’ is convinced that the token’s price is getting closer to dominating the market, despite current volatility and price declines.

The analyst’s analysis shows XRP is currently in phase 4 of its rise to dominance, with this stage being characterized by the potential conclusion of the legal battle between Ripple and the US SEC.

According to the analyst, XRP has already completed the previous phases, which include the launch of the RLUSD stablecoin in phase 1, the inauguration of Donald Trump as the US President in phase 2, and the resignation of Gary Gensler as the former SEC chair in phase 3.

The next three stages are set to become significant catalysts for the asset’s price. The crypto expert also mentions the commencement of the highly anticipated altcoin season, Ripple’s potential partnership with big banks, and the possible approval and launch of an XRP ETF. These events, according to the analyst, will make it incredibly bullish and the analyst advises investors to hold their coins and avoid selling.