"Cup and Handle Pattern, Plus Golden Cross"...XRP Kicks Off Unstoppable Rally Towards $1.7

▲ XRP/ChatGPT generated image

XRP has completed the formation of a typical bullish pattern on the chart, the Cup and Handle, and is now ready for a full-scale breakthrough rally towards the $1.70 mark.

According to crypto media outlet BeInCrypto on April 24 (local time), XRP recently completed a Cup and Handle pattern on its 4-hour chart, signaling a strong price breakout. XRP, a core asset of the XRP Ledger ecosystem, is undergoing a convergence process where price volatility is gradually decreasing, accumulating energy for an upward breakout.

The key target price for this pattern has been set at $1.70. The Cup and Handle is a technical indicator where an asset's price forms a rounded bottom, followed by a short consolidation period, and then breaks above the previous resistance level. Experts evaluate that XRP has completed the handle's adjustment and is ready to enter a full-fledged upward trajectory.

The Golden Cross phenomenon observed in the weekly chart also strongly supports this bullish scenario. A Golden Cross, where a long-term moving average crosses above a short-term moving average, signals that the market trend has clearly shifted to a bull market. In the past, when similar signals occurred, XRP recorded explosive price expansion, providing high returns to investors.

Within the market, expectations for XRP spot ETF approval and institutional environment changes, such as the US crypto market structure bill, are stimulating buying sentiment. A supply squeeze, where circulating supply decreases due to continuous accumulation by institutional investors, is also being detected. With active participation from individual investors, network transaction volume is breaking new highs daily, proving the robustness of the ecosystem.

If XRP breaks the $1.50 resistance level with increased trading volume, it is widely believed that settling at $1.70 is only a matter of time. However, a sudden increase in overall market volatility could be a variable, but the currently formed technical foundation is very solid. XRP is expected to secure dominance in the altcoin market through this rally and enter a new price formation stage.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*