XRP Rejected at $0.60, but Cup and Handle Formation Suggests Imminent Rally
The post XRP Rejected at $0.60, but Cup and Handle Formation Suggests Imminent Rally appeared on BitcoinEthereumNews.com.
XRP recently faced a rejection at $0.60, but a Cup and Handle formation on the 4-hour chart suggests potential upside toward $0.70. Over the weekend, XRP briefly reclaimed the $0.60 level for the first time in September. Amid this upsurge, it managed to clinch a one-month high of $0.6129 on Saturday. However, the token quickly entered a correction phase, pulling back from these gains. As of this writing, XRP hovers around $0.59, trading just under the psychological $0.60 barrier. This resistance zone has proven to be a major obstacle for XRP. XRP Breaches Cup and Handle Pattern Following the latest development, market analyst Steph noted in a YouTube analysis that XRP broke above the neckline of a classic cup-and-handle pattern on the 4-hour chart during its weekend rally. Data from the charts shows that XRP had been struggling to breach this level since Sept. 15. XRP 4H Chart Interestingly, the current price action reveals a retest of this breakout level. If XRP can maintain four-hour closes above the $0.59–$0.60 range, it could confirm the bullish trend continuation. However, failing to hold this support may lead to further downside movement. Steph believes the formation points to a target of $0.69 to $0.70, a potential 17.7% gain from the current price. This value would represent a 6-month peak for XRP. However, the analyst cautions against complacency, as volatility and liquidity traps could emerge in the short term. XRP Resistance Levels and Liquidity Risks According to Steph, XRP must first break through the $0.64–$0.65 zone, which coincides with the 0.786 Fibonacci level. This level has previously triggered rejection points, especially earlier this year in April and August. If XRP manages to breach this area, the next significant target would be the $0.70 mark, completing the cup-and-handle formation’s implied breakout. Yet, Steph warns that…
Filed under: News - @ September 23, 2024 6:19 am