• XRP breaks out from a cup and handle, signaling bullish momentum.  
  • Traders expect XRP to test resistance at $0.60 soon.  
  • Momentum could push XRP higher, with $0.70 as the next target.  

Ripple (XRP) is gaining attention after breaking out from a cup and handle formation on the 4-hour chart. This technical pattern is widely seen as a bullish indicator. Traders are now watching closely to see if XRP can maintain this momentum. The breakout suggests XRP could be gearing up for a strong rally. 

#XRP is breaking out from the cup and handle formation on the 4hr timeframe 👀

🚨 Watch my vid here: https://t.co/W2IIxDEjnW pic.twitter.com/1lZzADUatv

— STEPH IS CRYPTO (@Steph_iscrypto) September 21, 2024

Understanding the Cup and Handle Pattern

The cup and handle is a chart pattern that signals a potential bullish breakout. The “cup” forms a rounded bottom, while the “handle” shows a brief consolidation. Once the price breaks above the handle, the price often surges upward. For XRP, this pattern has been forming over several days on the 4-hour chart. 

Now that XRP has broken out, traders are watching for confirmation of a lasting upward move. The cup and handle pattern often suggests increasing buying pressure. Traders use this pattern to predict strong price movement upward. For XRP, this breakout could mean it is preparing to reach the next major resistance level.

What’s Next for XRP?

Now that XRP is breaking out, how high can the price rally? If buyers continue to push the price up, we could see XRP test the $0.60 resistance level soon. Should that level break, the path toward $0.70 could open up. However, it’s important to watch for any pullbacks before the rally continues. 

Read CRYPTONEWSLAND on google news

Momentum is everything right now. XRP has it, and many cryptocurrency investors are taking notice. Whether this breakout will lead to a sustained rally remains to be seen, but the setup looks promising.  XRP’s breakout from the cup and handle formation could signal the start of a new bullish trend. For traders, this is an opportunity to catch a potential price surge.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.