$XRP current chart pattern analysis picture
Hereโs a visual overview of XRPโs current chart patterns based on recent technical analyses:โ
๐ Key Chart Patterns Observed
Megaphone Pattern (Broadening Formation)
Analyst EGRAG has identified a megaphone pattern on XRPโs monthly chart, characterized by higher highs and higher lows.
This pattern suggests increasing volatility with bullish momentum, potentially paving the way for a move toward $27 if the trend continues. โCrypto Basic
Cup and Handle Formation
A cup and handle pattern has emerged on the daily timeframe, with XRP consolidating between $2.40 and $2.70, forming the handle portion.
This bullish continuation pattern indicates a possible breakout, with analysts projecting a 14% upswing to around $3. โCoinLore+8Blockonomi+8Crypto Basic+8
Bull Pennants and Symmetrical Triangle
Analysts have observed three consecutive bull pennants on XRPโs 4-hour chart, following a breakout from a multi-year symmetrical triangle.
These formations suggest potential buying opportunities if the price retests the $2.25 level, with a subsequent target of $4.40. โBlockonomi
Descending Channel
On the 1-hour chart, XRP is forming a descending channel, indicating a downward bias.
A breakout above this channel could signal a bullish move toward the $0.63 zone. โCoinGape+5patterns.cc+5
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