XRP Defends Weekly Support, Aims for $1.33 Rally with Cup and Handle Pattern
XRP has been holding its ground against market volatility as it defends its weekly support, signaling a potential rally towards $1.33. The crypto market has been lacking a clear trend in recent days, resulting in XRP’s struggle to break through the $0.5 level.
Despite the downtrend, XRP has managed to maintain its support on the weekly timeframe, according to market analyst Cryptoes. In April, XRP experienced a significant drop, falling below a crucial upper trendline and reaching $0.5037. Although it has recovered from this level, XRP has been unable to reclaim the $0.60 territory and break above the upper trendline.
However, the bulls have consistently defended the lower end of the $0.5 zone, providing strong support for XRP. Cryptoes believes that despite the market’s volatility, XRP remains in a solid position on the weekly chart and anticipates a significant upward movement in the near future.
Another market watcher, Dark Defender, also confirms the bullish structure of XRP’s weekly chart. He points to the Fisher Indicator, which indicates that XRP has entered oversold territories. This indicator highlights extreme levels in price movements and helps identify potential turning points in the market.
Dark Defender further reveals that XRP has formed a cup and handle pattern on the weekly timeframe, which suggests a potential bullish breakout after a period of consolidation. He expects XRP to surpass its previous highs below $1 and predicts a spike to $1.33 once XRP breaks out above the handle. Notably, the last time XRP reached the $1.33 price level was during the previous bull run in November 2021.
According to Dark Defender’s chart, if XRP’s breakout continues, it could reach the November 2023 highs at $0.7476. From there, he projects a possible 77% increase to the $1.33 price level. Currently, XRP is trading at $0.5253, showing a 2.20% increase on the current weekly candle. The Relative Strength Index (RSI) is at 46, indicating potential for further expansion.
Disclaimer: This article provides information and should not be considered financial advice. The author’s opinions expressed in this article do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.