XRP price analysis: Analyst explains the bull cup pattern! Can XRP reach $50 with $31?

XRP, which has been trading in an upward movement for the last few days, has experienced a significant price correction, losing its weekly gain in the past 24 hours. The asset, which dropped from $ 0.74 to $ 0.62, fell due to the impact of the cryptocurrency market. Despite this decline, the bull cup formed on the XRP chart attracted the attention of analysts. Cryptocurrency analyst, known as Cryptobilbuwoo0 on the X platform, shared his positive predictions about the future price of the altcoin.

Based on technical charts, the analyst showed that the short-term pullback in the price of the altcoin did not affect its future potential. He considered two different patterns on the weekly chart to determine the future uptrend. The cup and handle pattern particularly attracted attention in the analyst's findings, because this chart pattern is considered to be a continuation of a rising trend.

Cup and handle formation

In cryptocurrency charts, the cup and handle formation, which resembles a wide and narrow letter U, is generally interpreted as a bullish sign. This bullish cup and handle formation detected by the analyst on the XRP chart is considered a clear sign of the upcoming price increase. After the price increase from the bottom, expressed in cups, to the top, a consolidation period occurs. In the chart, this consolidation is expressed by the handle part. Cryptocurrency analysts interpret this formation as a price increase and mean a break in price.

XRP cup handle pattern Source: The analyst stated that a similar formation occurred on the XRP chart in 2018 and that the price of the asset reached an all-time high during this period. There was a recovery in price from March 2020 to April 2021. The process defined as recovery since the summit in 2021 has constituted a consolidation phase. The analyst thinks that if the cup and handle formation turns out to be correct, the price of the altcoin will move towards $ 31.

What do long-term Fibonacci levels indicate?

Cryptocurrency analyst Cryptobilbuwoo0 hit two different Fibanacci zones in the X share, which indicate long-term support levels. The long-term pivotal area at 1.618 and this area on the chart indicates a potential target between $26 and $33. Additionally, as the analyst stated, a zone formed in this range aligns with a potential price range of $50. Additionally, analyst Cryptobilbuwoo0 supports this view with Elliott theory. Elliott Wave Theory, which shows bullish momentum, appears consistent with the analyst's view.

The analyst suggests that the XRP price moves in five different waves in the process, according to Fibanacci targets. The current price outlook for the XRP price is at retracement levels and moving within the 3rd wave. According to this theory shared by many analysts, it is expected to move in the 3rd wave movement at $21.54 and the same price increase as 4.236.

How will the upcoming Bitcoin Halving event affect the XRP price?

The Bitcoin halving, which is eagerly awaited and will initiate a possible rally in the cryptocurrency market, may serve as an important catalyst for the XRP price as it is for other altcoins. In addition to the XRP coin, which has the potential to rise with the general market movements after the halving, the newly released Bitcoin Minetrix token is also expected to make a significant breakthrough. BTCMTX token, one of the newly released coins, was developed as an alternative method to traditional mining. The token project offers safe and transparent use, allowing ordinary people to earn income from mining from an innovative perspective.

It requires minimum technical knowledge with its cloud mining system and offers a profitable option with its staking mechanism. BTCMTX token, which is a preferable investment instrument with its cost efficiency and environmentally friendly solutions, is currently in the pre-sale phase and is one of the assets that continues to grow rapidly. According to the announcement made on the X platform, the token, which collects 12.2 million savings, can be purchased for 0.014 dollars. The asset, which can be purchased at attractive prices before being listed, can also be purchased with a card as well as ETH and USDT instruments.

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XRP price analysis

The XRP price, which has been on a significant upward trend in the last 4 days, dropped from $ 0.67 to $ 0.62 on Thursday, March 14. The altcoin rose to a yearly high of $0.7442 on March 11, with an 18 percent gain. The XRP price, which gained optimism again with this rise, started to lose value after the last rise and started to fall with the resistance it encountered at this level. The asset, which lost 9.7 percent in value in 24 hours, is trading at $ 0.61 at the time of writing this article. The analyst, who followed a fluctuating course in this process and thought that the altcoin could reach its former value, announced that XRP could start a climb again in the current bull run.

XRP 1-day price chart Finally, looking at the short term, if the asset XRP price can hold at the $ 0.62 support level, the bulls can push the $ 0.69 resistance and test $ 0.73 again next week.