XRP Analyst Suggests Potential Breakout Within 24 Hours
On May 25, 2024, XRP analyst XRP Captain (@UniverseTwenty) shared a technical analysis chart indicating a potential breakout for XRP within the next 24 hours. The analysis is based on a cup and handle pattern identified on the 4-hour chart.
The cup and handle pattern is a bullish continuation pattern used in technical analysis to identify potential price increases. It is characterized by a U-shaped trough (the cup) followed by a smaller, U-shaped retracement (the handle).
The handle retraces a portion of the cup’s rise and ideally stays below a trendline drawn across the cup’s highs. A breakout from the cup and handle pattern signifies a continuation of the uptrend that preceded the cup’s formation.
Source: XRP Captain/X
XRP’s Cup and Handle
According to XRP Captain’s analysis, the cup formation on the 4-hour chart began around May 6, 2024. The price action created a U-shaped trough, with the high point of the cup representing a temporary resistance level. Following the cup formation, the price experienced a retracement, forming the handle portion of the pattern.
XRP Captain predicts that a breakout from the cup and handle pattern will occur within 24 hours. This breakout would signal a potential continuation of the uptrend that preceded the cup’s formation.
If the predicted breakout materializes, it could indicate a significant price increase for XRP in the short term. Traders following this technical analysis would likely interpret the breakout as a buy signal. Although XRP Captain did not set a specific target, another prominent analyst set a $31 target in March based on a similar development.
Even if the breakout doesn’t happen within 24 hours, the cup and handle pattern on the chart is still considered a bullish signal for XRP. The cup and handle pattern suggests a potential for future price appreciation, regardless of the exact timing of the breakout.
JD (@jaydee_757), another prominent crypto analyst, commended XRP Captain’s analysis, and the community is waiting excitedly for XRP’s surge to materialize.
Another prominent analyst recently predicted that something big is coming for XRP. Although he has a longer timeline, the gains from the breakout following this bullish pattern could be the catalyst that kicks off the massive rally many analysts expect.
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