XRP Holds Strong at Weekly Support, Setting Sights on $1.33 with Cup and Handle Formation
XRP is showing strength by holding its weekly support and is poised to initiate a rally towards $1.33, given its formation of a robust cup and handle pattern.
The current cryptocurrency market has witnessed a lack of clear trend, leading to prices mostly consolidating within a specific range. This overall consolidation has made it difficult for XRP to surpass the $0.5 level.
XRP Upholds Weekly Support Amidst Downtrend
XRP has been trading below the critical 50-day exponential moving average (EMA) since May, amidst ongoing market uncertainty. However, XRP has consistently defended its support on the weekly timeframe, as confirmed by market analyst Cryptoes.
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Analysis from Cryptoes reveals that XRP faced a notable drop in early April, experiencing a 15% decline within seven days to $0.5037 after breaking below a crucial upper trendline. While it recovered from the $0.50 region, XRP has encountered challenges in reclaiming the $0.60 territory and breaking above the upper trendline.
Notably, XRP has seen consistent defense from bulls against declines below the significant weekly support in the lower range of the $0.5 zone. Based on Cryptoes’ assessment, XRP maintains a strong position on the weekly chart despite market volatility, with a significant upward movement anticipated in the near future.
A Potential Surge to $1.33
Another analyst, Dark Defender, also recognizes the bullish structure on XRP’s weekly chart. Dark Defender points out that the Fisher Indicator indicates oversold territories for XRP, identifying extreme levels to pinpoint potential turning points in the market.
In addition to the oversold signal from the Fisher Indicator, Dark Defender highlights a cup and handle structure on the weekly timeframe. This pattern suggests a potential bullish breakout, implying a continuation of an upward trend after a period of consolidation.
Dark Defender forecasts that XRP will likely surpass its previous highs below $1 and predicts a potential surge to $1.33 once XRP secures a breakout above the handle. The last time XRP reached the $1.33 price level was during the previous bull run in November 2021.
Based on Dark Defender’s analysis, a breakout could propel XRP to the November 2023 highs at $0.7476, with a potential 77% surge to the $1.33 price. Currently, XRP is trading at $0.5253, reflecting a 2.20% increase on the current weekly candle, with the RSI at 46, indicating potential for expansion.
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