XRP completes 'Cup and Handle' in 8 years and 6 months...Analyst: "Reaching $27 is a matter of time"

▲ XRP/AI generated image

A massive bullish pattern, a cup and handle spanning 8 years and 6 months, has been spotted on the XRP chart. Analysts have presented a long-term target price of up to $27.

According to crypto media outlet Cryptopotato on August 6 (local time), crypto analyst ChartNerd analyzed that XRP has formed a cup and handle pattern over 8 years and 6 months. He assessed this structure as one of the largest long-term bullish patterns in the cryptocurrency market.

ChartNerd explained that XRP is approaching the Fibonacci 0.618 retracement line. If the upward trend continues using this area as a foothold, it could sequentially target Fibonacci extension prices of $8, $13, and $27. Regarding the possibility of reaching the target price, he said, “It's not a matter of possibility, but a matter of timing.” However, he admitted that short-term price movements remain uncertain.

He also offered an analysis that short-term corrections do not mean that the long-term bullish outlook has been invalidated. ChartNerd predicted that XRP could trade sideways around $1 until the end of the year. He explained that a prolonged price adjustment, rather than a sharp drop, could continue, similar to the bottoming process seen in June 2022. He emphasized that the previously suggested downside targets of $0.9 to $0.7 do not represent a withdrawal of the long-term bullish scenario.

Crypto investor CryptoBull disagreed with the prediction that XRP would fall to $0.87 and $0.73. He said, “Investors waiting for those prices will meet at $23.” EGRAG CRYPTO analyzed that while XRP has fallen below the 50-day moving average, it is approaching the 100-day exponential moving average, which is considered a long-term support line. He diagnosed that holding above $1 to $0.95 could be seen as a normal retest, but a drop to the bottom of the long-term channel could lead to $0.8. Long-term targets were maintained at $15, $27, and above $50.

Crypto analyst Ali Martinez identified $1.06 as a key price level to determine the next direction. He analyzed that if this price holds, it could target $1.35 and $1.64, but if it breaks down, it could fall to $0.62. The $27 forecast for XRP is based on a long-term pattern that has lasted 8 years and 6 months, but in the short term, support around $1 needs to be confirmed first.

[Key Article Summary]

-A cup and handle pattern, spanning 8 years and 6 months, has been spotted on the XRP chart.

-ChartNerd presented Fibonacci extension targets of $8, $13, and $27.

-In the short term, depending on whether $1.06 holds, there could be a rise to $1.64 or a fall to $0.62.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*