XRP breaks out from a cup and handle, signaling bullish momentum.
Traders expect XRP to test resistance at $0.60 soon.
Momentum could push XRP higher, with $0.70 as the next target.
Ripple (XRP) is gaining attention after breaking out from a cup and handle formation on the 4-hour chart. This technical pattern is widely seen as a bullish indicator. Traders are now watching closely to see if XRP can maintain this momentum. The breakout suggests XRP could be gearing up for a strong rally.
https://twitter.com/Steph_iscrypto/status/1837561308532613303 Understanding the Cup and Handle Pattern
The cup and handle is a chart pattern that signals a potential bullish breakout. The "cup" forms a rounded bottom, while the "handle" shows a brief consolidation. Once the price breaks above the handle, the price often surges upward. For XRP, this pattern has been forming over several days on the 4-hour chart.
Now that XRP has broken out, traders are watching for confirmation of a lasting upward move. The cup and handle pattern often suggests increasing buying pressure. Traders use this pattern to predict strong price movement upward. For XRP, this breakout could mean it is preparing to reach the next major resistance level.
What’s Next for XRP?
Now that XRP is breaking out, how high can the price rally? If buyers continue to push the price up, we could see XRP test the $0.60 resistance level soon. Should that level break, the path toward $0.70 could open up. However, it's important to watch for any pullbacks before the rally continues.
Momentum is everything right now. XRP has it, and many cryptocurrency investors are taking notice. Whether this breakout will lead to a sustained rally remains to be seen, but the setup looks promising. XRP's breakout from the cup and handle formation could signal the start of a new bullish trend. For traders, this is an opportunity to catch a potential price surge.
The post XRP Is Breaking Out From a Cup and Handle Pattern Forming A Bullish Signal on the 4-Hour Chart appeared first on Crypto News Land.
