{"id":32886,"date":"2023-11-21T12:54:06","date_gmt":"2023-11-21T16:54:06","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32886"},"modified":"2023-11-21T12:54:06","modified_gmt":"2023-11-21T16:54:06","slug":"xrp-price-cup-and-handle-pattern-hints-at-short-term-208-surge","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/21\/xrp-price-cup-and-handle-pattern-hints-at-short-term-208-surge\/","title":{"rendered":"XRP Price: Cup And Handle Pattern Hints At Short-Term 208% Surge"},"content":{"rendered":"

In a new technical analysis, crypto analyst Dark Defender has identified a bullish \u2018Cup and Handle\u2019 pattern on the XRP daily chart, signaling the potential for substantial gains. The pattern, which is characterized by a \u2018cup\u2019 resembling a rounding bottom and a \u2018handle\u2019 indicating a slight downward drift, suggests a continuation of an upward trend.<\/p>\n

Dark Defender notes<\/a>, \u201cXRP formed a cup & handle pattern in the daily time frame. We set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.\u201d<\/p>\n

Cup & Handle Pattern Hints At 208% Rally In The Short-Term<\/h2>\n

The cup formation, which began in July and extended through October, saw its peak around $1.05, a critical resistance level. The XRP price then dropped by approximately 52%, perfectly aligning with the classical setup. The correction from the top of the cup to the bottom should ideally be a maximum of 50%.<\/p>\n

The subsequent handle has formed a resistance zone between $0.75 and $0.6649, which is approximately a 20% retracement from the cup\u2019s peak. Notably, the pattern suggests a bullish continuation, where the \u2018cup\u2019 represents a period of consolidation followed by a breakout, while the \u2018handle\u2019 forms a smaller pullback before the price continues to ascend.<\/p>\n

Within the chart, Dark Defender showcases key support and resistance levels crucial for this pattern to remain valid. The handle part of the pattern has potential support at $0.5286, which Dark Defender has indicated should not be broken by a close under the primary support of $0.6044 for two consecutive days to maintain the bullish outlook.<\/p>\n

Currently, the chart indicates that XRP is trading above these support levels, with resistance looming overhead. The next significant resistance is noted within the handle formation, marked at $0.6649. A decisive break above this level could confirm the pattern\u2019s predicted outcome and set XRP on its upward trajectory toward the mentioned price targets.<\/p>\n

The analyst elaborates on the handle\u2019s potential movements, stating, \u201cCan the handle be extended towards $0.5286 Support? We still need to close under the primary support of $0.6044 for 2 days in a row. So the answer at the moment is No.\u201d However, he also added, \u201cThe main structure is still in place, and XRP is expected to hit $1.05 & $1.88 in the short term.\u201d<\/p>\n

XRP Price Faces Stiff Resistance<\/h2>\n

The XRP price is currently facing another crucial resistance when performing a Fibonacci retracement level analysis on the 1-day chart. Last Thursday, the XRP price fell below the 0.382 Fibonacci level at $0.6275 and has not been able to close above this key resistance since then on a daily basis.<\/p>\n

Moreover, the XRP price is sandwiched between the 20-day and 50-day Exponential Moving Average (EMA), between $0.6234 and $0.5919. For the bullish scenario to play out, the price needs to overcome the 20-day EMA as well as the 0.382 Fibonacci level. If this happens, Dark Defender\u2019s bullish prediction could come a little closer.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In a new technical analysis, crypto analyst Dark Defender has identified a bullish \u2018Cup and Handle\u2019 pattern on the XRP daily chart, signaling the potential for substantial gains. The pattern, which is characterized by a \u2018cup\u2019 resembling a rounding bottom and a \u2018handle\u2019 indicating a slight downward drift, suggests a continuation of an upward trend.<\/p>\n

Dark Defender notes<\/a>, \u201cXRP formed a cup & handle pattern in the daily time frame. We set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.\u201d<\/p>\n

Cup & Handle Pattern Hints At 208% Rally In The Short-Term<\/h2>\n

The cup formation, which began in July and extended through October, saw its peak around $1.05, a critical resistance level. The XRP price then dropped by approximately 52%, perfectly aligning with the classical setup. The correction from the top of the cup to the bottom should ideally be a maximum of 50%.<\/p>\n

The subsequent handle has formed a resistance zone between $0.75 and $0.6649, which is approximately a 20% retracement from the cup\u2019s peak. Notably, the pattern suggests a bullish continuation, where the \u2018cup\u2019 represents a period of consolidation followed by a breakout, while the \u2018handle\u2019 forms a smaller pullback before the price continues to ascend.<\/p>\n

Within the chart, Dark Defender showcases key support and resistance levels crucial for this pattern to remain valid. The handle part of the pattern has potential support at $0.5286, which Dark Defender has indicated should not be broken by a close under the primary support of $0.6044 for two consecutive days to maintain the bullish outlook.<\/p>\n

Currently, the chart indicates that XRP is trading above these support levels, with resistance looming overhead. The next significant resistance is noted within the handle formation, marked at $0.6649. A decisive break above this level could confirm the pattern\u2019s predicted outcome and set XRP on its upward trajectory toward the mentioned price targets.<\/p>\n

The analyst elaborates on the handle\u2019s potential movements, stating, \u201cCan the handle be extended towards $0.5286 Support? We still need to close under the primary support of $0.6044 for 2 days in a row. So the answer at the moment is No.\u201d However, he also added, \u201cThe main structure is still in place, and XRP is expected to hit $1.05 & $1.88 in the short term.\u201d<\/p>\n

XRP Price Faces Stiff Resistance<\/h2>\n

The XRP price is currently facing another crucial resistance when performing a Fibonacci retracement level analysis on the 1-day chart. Last Thursday, the XRP price fell below the 0.382 Fibonacci level at $0.6275 and has not been able to close above this key resistance since then on a daily basis.<\/p>\n

Moreover, the XRP price is sandwiched between the 20-day and 50-day Exponential Moving Average (EMA), between $0.6234 and $0.5919. For the bullish scenario to play out, the price needs to overcome the 20-day EMA as well as the 0.382 Fibonacci level. If this happens, Dark Defender\u2019s bullish prediction could come a little closer.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32886","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32886"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32886\/revisions"}],"predecessor-version":[{"id":32905,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32886\/revisions\/32905"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32886"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}