In a new technical analysis, crypto analyst Dark Defender has identified a bullish ‘Cup and Handle’ pattern on the XRP daily chart, signaling the potential for substantial gains. The pattern, which is characterized by a ‘cup’ resembling a rounding bottom and a ‘handle’ indicating a slight downward drift, suggests a continuation of an upward trend.
Dark Defender notes, “XRP 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.”
Cup & Handle Pattern Hints At 208% Rally In The Short-Term
The cup formation, which began in July and extended through October, saw its peak around $1.05, a critical resistance level.