Cryptocurrency enthusiast QuantumFox recently shared a chart of XRP, pointing out that it has formed a 'classic cup-and-handle breakout pattern' and predicts that the next upward target will be $10. This technical signal has attracted the attention of many investors.
How to view the cup-and-handle pattern? The support level is key.
From the chart, XRP first formed a shape similar to a 'round cup', and then entered a 'handle-shaped' consolidation phase. The handle part is marked by a downward-sloping trend line, showing that recent prices have fluctuated within a narrow range; the purple shaded area highlights the support zone between $2.70 and $2.90, where buyers are actively defending the price.
At the same time, an upward-sloping trend line intersects with the support zone, indicating that although XRP is trading within a narrowing range, the lows are consistently rising, maintaining an overall bullish technical structure. There is also a horizontal dashed line in the chart, corresponding to the previous resistance level around $3 - this position has recently been re-tested as a support level, further confirming the robustness of the price structure.
QuantumFox believes that as long as XRP breaks through the downward resistance line of the handle part, it can confirm the completion of the cup-and-handle pattern, which usually indicates that a significant rise is imminent.
Multiple analysts are bullish: $10 is 'inevitable'.
QuantumFox's $10 prediction is not an isolated case; other analysts are also generally optimistic about XRP's trend. Market strategist Steph Is Crypto recently pointed out that XRP is at a critical stage of a three-phase breakout: the first wave rebound is expected to complete by mid-2024, the second wave surge in 2025, and it is now approaching the third and largest breakout phase.
Steph specifically mentioned that XRP has successfully transformed the previous resistance level of $3 into a support level, which is an important technical signal. Considering the current structure, he believes that XRP's move towards $10 and above is 'inevitable'.
Can it reach $10? Watch if the support level holds.
Whether it's QuantumFox's chart analysis or Steph's phase assessment, both emphasize that XRP's current structure leans more towards a continuation of the upward trend rather than a reversal. The cup-and-handle pattern itself is a reliable signal of a strong trend, especially in the presence of sustained support.
For investors, the key is to see whether the $2.70-$2.90 support zone holds, and whether the trend of continuously higher lows will continue. If XRP can confirm a breakout above the handle's resistance line, coupled with a solid $3 support level, then the $10 target is likely to be achieved. Moving forward, the market will closely monitor the performance of these key levels, waiting for further confirmation of an upward signal.
