XRP price has lost momentum lately as crypto investors have remained in the sidelines, with Bitcoin struggling to move above $100,000. Nonetheless, one crypto market veteran believes that the Ripple (XRP) price may soon surge to new highs if it completes the formation of a cup and handle pattern.
XRP Price May Hit New Highs as Cup and Handle Pattern Forms
In an X post, Ali Martinez, a popular crypto market veteran, predicted that the ongoing XRP price consolidation was strategic. He believes that the coin is in the process of forming a cup and handle (C&H) pattern on the 30-minute chart.
A C&H pattern is a continuation sign made up of three key parts: a rounded bottom, a horizontal resistance joining the two key swings, and a handle. In most cases, this pattern leads to a strong bullish breakout when the handle section concludes,
In XRP’s case, the upper side of the cup is about $2.6752, while the lower side is about $2.26. This means that this cup has a depth of about 15%. By measuring the cup’s depth and extrapolating the figure from the upper side, Martinez estimates that the XRP stock price will jump to $3.35, much higher than the current $2.67.
Ripple Price Has Numerous Bullish Catalysts
Fundamentally, XRP price has numerous bullish catalysts that may push it higher in the coming months. Odds of a spot Ripple ETF approval are rising, a move that JPMorgan estimates will lead to over $8 billion in inflows in the first year.
Further, the XRP Ledger ecosystem is starting to boom, a move that may see it compete more with the likes of Solana and BNB Chain. Some of the top players of its ecosystem are XRP Army, Ripple USD, and Coreum.
XRP price may benefit from the RLUSD stablecoin usage in the future. Recent data shows that the coin is gaining market share in the crypto industry. Its daily volume soaring to over $150 million.
XRP Technical Analysis: Needs to Flip $3.3915
The daily chart shows that the value of XRP has lacked direction in the past few months. It has remained between the support level at $1.7292 and the resistance point at $3.3915. The coin has moved slightly below the 23.6% retracement level and the middle line of the Andrew’s pitchfork tool.
Ripple is also showing signs of forming a head and shoulders chart pattern, a popular bearish sign. Therefore, a bullish breakout will be confirmed if the XRP coin jumps above the key resistance level at $3.3913. A move above that level will point to more gains, potentially to $5.
However, a drop below this month’s low of $1.7292 will invalidate the bullish XRP price forecast as it will signal that there are more sellers left.
The post Market Veteran Predicts XRP Price If Ripple Completes Cup and Handle Pattern appeared first on CoinGape.
