Crypto analyst CryptoBull has highlighted a bullish pattern that could steer the XRP price up to $60. This ultra-bullish forecast comes as the altcoin continues to struggle below key resistance levels amid the crypto market’s current downtrend.
XRP price can reach $60 with this cup-and-handle pattern
In one X messageCryptoBull revealed that a Cup and Handle pattern is unfolding on the monthly chart and the measured target for XRP is $60. In another X messagethe analyst suggested that the the downtrend of altcoin could soon be over and could reach double figures.
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This came when he drew attention to the Relative Strength Index (RSI) on the weekly and monthly installments, noting that it is below the 2020 bottom of $0.11. He added that the benefit to the RSI is huge and will push the XRP price well above $10 very soon. Interestingly enough, the analyst stated that XRP, not Ethereum, will lead the altcoin season. He added that the chart shows a rounded bottom and the next move is up.
Crypto analyst Dark Defender also predicted that the XRP price could reach double digits at some point. In one X messagehe stated that the altcoin has been moving in an ascending trend channel since 2017 and that the W pattern crosses the Fibonacci level at $18. He added that nothing can stop what is coming. His accompanying chart showed that the altcoin could reach this $18 price target this year.
XRP is still experiencing resistance at the moment
Crypto analyst CasiTrades noticed this that the XRP price is still facing resistance at the $1.65 level. The altcoin had recovered to this price level over the weekend, but faced resistance there, leading to a sharp decline below key levels. Now that the price is back below $1.53, CasiTrades stated that this indicates that the altcoin is losing momentum.
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The analyst further noted that given the strength of the sell-off a few weeks ago, it is unlikely that the market will move straight into macro wave 3 without another wave down that will completely exhaust the sellers. As such, there is a good chance that XRP will fall to a new low before a possible bullish reversal to a occurs new all-time record.
CasiTrades stated that there is a double bottom on the subwaves near $1.11, with a further decline to around $0.90 also still possible. She added that what matters now at the next low is a strong bullish divergence and momentum shift. On the bullish side, she noted that if the XRP price regains $1.65 and holds, it would be the first real sign of strength.
At the time of writing, the XRP price is trading around $1.47, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com