Cryptocurrency analyst CryptoBull has highlighted a bullish pattern that could send the price of $XRP up to $60. This ultra-bullish prediction comes as the alternative cryptocurrency continues to struggle to overcome key resistance levels amid the current downtrend in the cryptocurrency market.

The price of XRP could reach $60 with this Cup and Handle pattern

In a post on X, CryptoBull revealed that a Cup and Handle pattern is developing on the monthly chart and that the measured target for XRP is $60. In another post on X, the analyst suggested that the downtrend of the alternative cryptocurrency may be about to end and it could begin a run towards double digits.

This came while drawing attention to the Relative Strength Index (RSI) on weekly and monthly time frames, noting that it is below the 2020 low of $0.11. He added that the profit margin for the RSI is huge and that this will place the price of XRP well above $10 very soon. Interestingly, the analyst stated that $XRP , and not Ethereum, will lead the alternative cryptocurrency season. He added that the chart shows a rounded base and that the next move is upward.

The cryptocurrency analyst Dark Defender also predicted that the price of XRP could reach double digits at some point. In a post on X, he stated that the alternative cryptocurrency has been proceeding in an ascending trend channel since 2017 and that the W pattern intersects the Fibonacci level at $18. He added that nothing can stop what is to come. His accompanying chart showed that the alternative cryptocurrency could reach this price target of $18 this year.

XRP still faces resistance at this moment

The cryptocurrency analyst CasiTrades pointed out that the price of XRP still faces resistance at the $1.65 level. The alternative cryptocurrency had risen to this price level over the weekend but faced resistance there, leading to a sharp decline below key levels. With the price now back below $1.53 again, CasiTrades stated that this suggests the alternative cryptocurrency is losing momentum.

The analyst also commented that with the selling strength from a few weeks ago, it is unlikely that the market will pivot directly to Wave Macro 3 without another wave down to completely exhaust sellers. As such, there is a possibility that $XRP could fall to new lows before any potential bullish reversal towards a new all-time high.

CasiTrades stated that in the sub-waves, there is alignment for a double bottom near $1.11, with an additional drop to around $0.90 also still possible. He added that what matters now in the next drop is to see a strong bullish divergence and a change in momentum. On the bullish side, he noted that if the price of XRP recovers $1.65 and holds, it would be the first real sign of strength.

At the time of writing, the price of XRP is trading around $1.47, with a decrease in the last 24 hours, according to data from CoinMarketCap.