Crypto analyst CryptoBull has highlighted a bullish sample that would ship the XRP price to as excessive as $60. This ultra-bullish prediction comes because the altcoin continues to wrestle beneath key resistance ranges amid the present crypto market downtrend.
XRP Price Could Reach $60 With This Cup and Handle Pattern
In an X post, CryptoBull revealed {that a} Cup and Handle sample is unfolding on the month-to-month chart and that the measured goal for XRP is $60. In one other X post, the analyst steered that the altcoin’s downtrend could also be over quickly and that it might start a run into double digits.
Related Reading
This got here as he drew consideration to the Relative Strength Index (RSI) on the weekly and month-to-month timeframes, noting that it’s beneath the 2020 backside of $0.11. He added that the upside for the RSI is large and that this may put the XRP worth effectively above $10 very quickly. Interestingly, the analyst declared that XRP, not Ethereum, will lead the altcoin season. He added that the chart reveals a rounding backside and that the following transfer is up.
Crypto analyst Dark Defender additionally predicted that the XRP worth might attain double digits sooner or later. In an X post, he said that the altcoin has been continuing in an ascending development channel since 2017 and that the W Pattern is intersecting the Fibonacci degree at $18. He added that nothing can cease what’s coming. His accompanying chart confirmed that the altcoin might attain this $18 worth goal this 12 months.
XRP Is Still Facing Resistance At The Moment
Crypto analyst CasiTrades noted that the XRP worth continues to be dealing with resistance on the $1.65 degree. The altcoin had rallied to this worth degree over the weekend however confronted resistance there, resulting in a pointy decline beneath key ranges. With the value now beneath $1.53 once more, CasiTrades said that this means that the altcoin is losing momentum.
Related Reading
The analyst additional remarked that with the energy of the selloff just a few weeks in the past, it’s unlikely that the market pivots straight into macro Wave 3 with out yet one more wave down to totally exhaust sellers. As such, there may be the chance of XRP dropping to new lows earlier than any potential bullish reversal to a new all-time high.
CasiTrades said that on the subwaves, there may be alignment for a double backside close to $1.11, with an extra drop to round $0.90 additionally nonetheless potential. She added that what issues now on the following low is seeing robust bullish divergence and momentum shift. On the bullish aspect, she famous that if the XRP worth reclaims $1.65 and holds, it will be the primary actual signal of energy.
At the time of writing, the XRP worth is buying and selling at round $1.47, down within the final 24 hours, in line with data from CoinMarketCap.
Featured picture from Freepik, chart from Tradingview.com
