Crypto analyst CryptoBull has highlighted a bullish pattern that could send the XRP price to as high as $60. This ultra-bullish prediction comes as the altcoin continues to struggle below key resistance levels amid the current crypto market downtrend.
XRP Price Could Reach $60 With This Cup and Handle Pattern
In an X post, CryptoBull revealed that a Cup and Handle pattern is unfolding on the monthly chart and that the measured target for XRP is $60. In another X post, the analyst suggested that the altcoin’s downtrend may be over soon and that it could begin a run into double digits.
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This came as he drew attention to the Relative Strength Index (RSI) on the weekly and monthly timeframes, noting that it is below the 2020 bottom of $0.11. He added that the upside for the RSI is huge and that this will put the XRP price well above $10 very soon. Interestingly, the analyst declared that XRP, not Ethereum, will lead the altcoin season. He added that the chart shows a rounding bottom and that the next move is up.
Crypto analyst Dark Defender also predicted that the XRP price could reach double digits at some point. In an X post, he stated that the altcoin has been proceeding in an ascending trend channel since 2017 and that the W Pattern is intersecting the Fibonacci level at $18. He added that nothing can stop what is coming. His accompanying chart showed that the altcoin could reach this $18 price target this year.
XRP Is Still Facing Resistance At The Moment
Crypto analyst CasiTrades noted that the XRP price is still facing resistance at the $1.65 level. The altcoin had rallied to this price level over the weekend but faced resistance there, leading to a sharp decline below key levels. With the price now below $1.53 again, CasiTrades stated that this suggests that the altcoin is losing momentum.
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The analyst further remarked that with the strength of the selloff a few weeks ago, it is unlikely that the market pivots straight into macro Wave 3 without one more wave down to fully exhaust sellers. As such, there is the likelihood of XRP dropping to new lows before any potential bullish reversal to a new all-time high.
CasiTrades stated that on the subwaves, there is alignment for a double bottom near $1.11, with a further drop to around $0.90 also still possible. She added that what matters now on the next low is seeing strong bullish divergence and momentum shift. On the bullish side, she noted that if the XRP price reclaims $1.65 and holds, it would be the first real sign of strength.
At the time of writing, the XRP price is trading at around $1.47, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com