The XRP price is preparing for a significant pump as a new one Cup and handle Pattern has just formed in his table. A crypto analyst that identified the pattern has published an analysis and predicts that XRP could increase to 3.35 US dollars and mark a new local high for the cryptocurrency.
Cup and treatment pattern to trigger a price boost
The cup and action pattern is a well-known bullish sequel pattern in which the price of a cryptocurrency moves upwards in a rounded cup and corrected downwards when it forms a handle. This pattern is considered as considered bullish signal This marks the potential for an outbreak.
Currently XRP is Education A pronounced price diagram pattern. Ali Martinez, a prominent crypto analyst, announced a brief analysis of this newly formed technical pattern and projected an increase in new heights for the price.
The rounded bottom of the cup in pattern shows A Accumulation period During this, the sales pressure decreases and the buyers Erlangen Erlangen. After Price tax of XRP The cryptocurrency A experienced at the beginning of this year Back back This pressed its value below $ 3 and formed the consolidations observed in the grip of the pattern.
Martinez notes that if the coin can break out of the resistance of the handle, where the volatility exists more, the next potential goal is 3.35 US dollars. At the moment it is XRP price acts with $ 2.6 and Martinez marked his Critical resistance level Between 2.7 and 2.8 US dollars. These levels of resistance correspond to the upper trend line of the grip pattern, which would set the stage for a strong rally after the broken.
Remarkably, an increase of $ 3.35 would increase the price by 28.8% compared to its current market value of $ 2.6. After the letter, cryptocurrency has increased by 9.6% in the last seven days after a decline of over 14% last month.
XRP occurs in phase 4 to determine the market domination
Despite current Volatility and price decreaseA crypto analyst that was identified as “the XRP type” believes that the price of the token comes closer to dominate the market. The analyst unveiled that the cryptocurrency is currently in phase 4 of its increase in dominance, with this phase the potential end of the Legal dispute between Ripple and the USA Sec..
The analyst showed that XRP had already completed the previous phases. The first phase was the start of the Rlusd stablecoin; The second was Donald Trump’s inauguration As the US President and the third, Gary Gensler’s resignation as a former SEC chairman.
The next three phases will become significant catalysts for the price of the financial value. The crypto expert also mentioned the beginning of the eagerly awaited Altcoin season, Ripple’s potential partnership with large banksand the possible approval and introduction of a XRP ETF. The analyst suggests that these events make it incredibly optimistic and recommends that investors no longer sell their coins and sales.
Selected picture of Adobe Stock, diagram of tradingview.com