🔥🔥🔥 XRP Upholds Weekly Support, Targets $1.33 Upon Cup and Handle Formation
XRP Eyes $1.33 Amid Market Consolidation
- Despite recent price consolidation across the #CryptoMarket , XRP maintains stability at its weekly support level, setting its sights on a potential rally towards $1.33 as it forms a promising cup and handle pattern.
Weekly Support Holds Firm Despite Market Fluctuations
- XRP's performance in May saw it closing below the critical 50-day exponential moving average (EMA) amidst a downward trend. However, analysis from Cryptoes reveals that XRP has consistently defended its weekly support level, showcasing resilience despite market volatility.
- Early April saw XRP facing significant downward pressure, leading to a 15% decline within seven days. Although it managed to recover from the $0.50 region, breaching the $0.60 territory and surpassing the upper trendline remained challenging. Nonetheless, bulls have diligently protected drops below the significant weekly support within the $0.5 zone, indicating strength in XRP's position on the weekly chart.
Anticipated Surge to $1.33
- Market observer Dark Defender supports the bullish sentiment on XRP's weekly chart, citing the Fisher Indicator's indication of oversold territories as a potential reversal signal.
- Additionally, Dark Defender identifies the formation of a cup and handle structure on the weekly timeframe, often signaling a bullish breakout post-consolidation.
- Dark Defender predicts a surge to $1.33 once XRP confirms a breakout above the handle, with previous data suggesting this level was last encountered during the bull run in November 2021. According to Dark Defender's analysis, a breakout could propel XRP to highs seen in November 2023, potentially marking a 77% increase from the current price to the $1.33 target.
- Presently, XRP is trading at $0.5263, displaying a 2.20% increase on the current weekly candle. The Relative Strength Index (RSI) sits at 46, indicating potential for further expansion in XRP's price.
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Source - thecryptobasic.com
