Analyst Sets XRP Price Targets As Cup & Handle Pattern almost Complete

CryptoBull (@CryptoBull2020), a well-respected crypto analyst on X, has published a chart on X showing a cup and handle pattern that is almost complete. The chart shows daily price data and the technical formation began in January. It shows a pronounced, rounded base followed by a shorter consolidation to the right.

A Notable Bullish Pattern for XRP

The cup shows a prolonged period of price consolidation before XRP gradually moves back toward the previous high. The asset dropped from $3.39 in January to $1.6401 in early April, forming the bottom of the cup.

Following that, the asset built momentum gradually, before a swift rise to a new all-time high in July, forming the end of the cup. The handle began forming immediately after, as the digital asset experienced a notable decline in the first few days of August.

Based on this technical formation, the analyst anticipates a price surge targeting the $8 to $9 range. This target corresponds with a measured move calculated using the cup’s vertical depth and breakout level at the rim.

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The volume depicted on the chart increases during the advance into the cup rim and declines while the handle forms, which fits a common volume profile for this setup. The development occurred over multiple months on the daily timeframe, which can increase the statistical relevance of the measured move projection.

Excitement for XRP’s Immediate Future

At the time of CryptoBull’s analysis, XRP traded at $3.1968 and has since risen to $3.26. A climb to the $8 to $9 range would require an increase of 145.4% to 176%. Other well-known analysts have predicted a massive rally for the asset, with some setting double-digit targets for the short term.

The chart suggests two principal confirmation conditions. First, observers should require a decisive daily close above the annotated resistance line around $3.2 to consider the rim cleared. Second, the breakout should occur with expanding volume to demonstrate genuine buying conviction.

The 200-day moving average plotted below recent prices suggests that a confirmed breakout would align with a strengthening medium-term trend. The chart also shows XRP’s price retesting the resistance line, and a clean retest turning it into support would further increase the probability of attaining the measured target.

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