Answer:
Analyst Spots XRP Cup-Handle Pattern On Weekly Chart, Sets Bullish Target
The confluence of technical indicators for XRP, including the Elliott Wave Theory, cup-and-handle pattern, and oversold signal from the Fisher Indicator, suggests a potential price surge in the near future. Dark Defender, a prominent crypto analyst, has identified XRP’s price action on the weekly chart to be following an Elliott Wave structure, currently in Wave 3 after exiting Wave 2 in late March. Additionally, the formation of a bullish cup-and-handle pattern on the weekly chart indicates a period of consolidation followed by a potential breakout above resistance levels. The target set by Dark Defender for this breakout is $1.33, representing a significant increase from XRP’s price at the time of analysis. The oversold signal from the Fisher Indicator further supports the bullish sentiment by suggesting that XRP is currently oversold, potentially indicating an upcoming correction upwards.