Ripple-linked crypto XRP could be on the precipice of another parabolic rise. According to a widely-followed crypto analyst, XRP is forming a convincing pattern on the price chart, signaling a potential surge of up to 28% in the foreseeable future. XRP’s Cup And Handle Hints At Move To $3.35 XRP is approaching a potential breakout that will result in an explosive outcome. Technical analyst Ali Martinez told his 127,000 followers on the X social media platform that XRP has been forming a cup-and-handle chart structure on its four-hour chart since February 1. In technical analysis, the cup and handle pattern is a popular bullish continuation pattern in which the price of a crypto asset moves upward in a rounded cup and corrects downwards as it creates a handle. This formation is considered a bullish signal that marks the potential for a parabolic breakout. The rounded bottom of the cup in the pattern indicates an accumulation phase during which selling pressure wanes and buyers are in the driver’s seat. After XRP’s price surge to new highs earlier this year, the cryptocurrency witnessed a major correction that drove its price below the $3 milestone, followed by a strong comeback in what seems to be a U-shaped recovery forming a cup. The pattern validates when the price pushes above the handle, surging to about an equal size to the previous drop. According to Martinez’s accompanying chart, an XRP breakout will kick off after breaking past the pattern’s resistance at $2.80. Breaching this barrier would embolden the bulls to push the price toward $3.35, representing a 28% jump from the current levels. At the time of writing, XRP is trading at $2.61. “If XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!” Martinez wrote. XRP Eyeing Potential Bullish Reversal Martinez is not the only crypto analyst with a bullish outlook on XRP. For instance, Dark Defender suggested that XRP must first overcome the stubborn resistance at $2.77 for the coin to reclaim the $3 mark. “XRP is trying to claim the $2.7740 level. If successful, then $3 will be in play. Breaking this channel heralds 2 digits levels first!” Meanwhile, XRP has several catalysts, including the potential launch of spot exchange-traded funds (ETFs) in the U.S. or Ripple executives courting the new U.S. President Trump administration, which could also unlock new venues for the asset’s mainstream adoption.
