to leave a comment.
▲ XRP/ChatGPT generated image
XRP has completed the formation of a typical bullish pattern on its chart, the Cup and Handle, and is now ready for a full-scale breakout rally towards the $1.70 mark.
According to crypto media outlet BeInCrypto on April 24 (local time), XRP has recently completed a Cup and Handle pattern on its 4-hour chart, signaling a strong price surge. XRP, a key asset in the XRP Ledger ecosystem, is undergoing a convergence process where price volatility is gradually decreasing, accumulating energy for an upward breakout.
The key target price for this pattern is set at $1.70. The Cup and Handle is a technical indicator where an asset's price forms a rounded bottom, followed by a short consolidation phase, before breaking above its previous resistance level. Experts evaluate that XRP has completed the handle portion of the correction and is ready to enter a full-fledged upward trajectory.
The Golden Cross phenomenon observed on the weekly chart also strongly supports this bullish scenario. A Golden Cross, where a long-term moving average crosses above a short-term moving average, signals that the market trend has decisively shifted to a bullish one. In the past, when a similar signal occurred, XRP recorded explosive price expansion, providing high returns to investors.
Within the market, expectations for the approval of an XRP spot ETF and institutional environmental changes such as the U.S. crypto market structure bill are stimulating buying sentiment. A supply squeeze, where circulating supply decreases due to continuous accumulation by institutional investors, is also being detected. With active participation from individual investors, network transaction volume is breaking new highs daily, proving the robustness of the ecosystem.
If XRP breaks the $1.50 resistance level with significant trading volume, it is widely analyzed that settling at $1.70 is only a matter of time. However, a sudden increase in overall market volatility could be a variable, but the currently established technical foundation is very solid. XRP is expected to secure leadership in the altcoin market through this rally and enter a new price formation stage.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.