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XRP Forms Cup and Handle Pattern, Chartist Convinced of Imminent 208% Rally to $1.88

source-logo  thecryptobasic.com 23 November 2023 08:33, UTC

XRP recently formed a cup and handle pattern on the daily chart, a move that has solidified analyst Dark Defender’s conviction of an imminent 208% rally to $1.88 in the short term.

Dark Defender highlighted the recent setup in his latest report on XRP’s daily price actions. Data from his chart confirms that XRP formed the cup in the wake of its price movements from July to this month.

Recall that XRP spiked to a high of $0.93 on July 13 following Judge Analisa Torres’ ruling in the Ripple vs. SEC lawsuit, which confirmed the asset’s non-security status. This spike formed the first upper section of the cup.

However, XRP observed a correction from the $0.93 high in the weeks that followed. The correction spilled into August. While this retracement extended to September and October, the bulls defended against any drops to $0.4580.

Despite this strong support level, XRP’s price movements from late July to late October formed the lower part of the cup due to the retracement. The second upper part of the cup formed when XRP staged a comeback from the correction in early November.

Dark Defender’s chart reveals that the asset went on to form the handle of the cup as November progressed. The analyst noted that he had previously set short-term XRP targets at $1.05 and $1.88 using Elliott Waves. However, the recent formation of the cup and handle pattern solidified the conviction that XRP could hit these targets.

XRP Solidifies Path to $1.88

Notably, the handle of the cup currently rests on the $0.6044 support level. In his latest analysis, Dark Defender highlighted the possibility of the handle breaking below this support point to extend to the next support at $0.5286.

XRP Cup and Handle Formation | Dark Defender

However, the analyst emphasized that this would not be a favorable move. According to him, XRP needs to record two more intraday closes above the $0.6044 support to sustain its prospects.

Dark Defender confirmed that XRP has retained the main structure pointing to an explosive surge. As a result, the $1.05 and $1.88 targets are still achievable in the short term. However, to reach these targets, XRP needs to overcome some resistance points, including the ones at $0.6649, $0.7312 and $0.7721.

Meanwhile, XRP changes hands at $0.6049 at the reporting time, an impressive 2.85% increase in 24 hours. At its current position, XRP would need to rally by 208% to hit the $1.88 target. The last time XRP saw this zone was in April 2021.