XRP continues to defend its weekly support, aiming for a rally toward $1.33 with the formation of a cup and handle pattern. The crypto market has recently experienced a period of consolidation, with prices trading within a range. This lack of decisive trend has influenced XRP’s ability to breach the $0.5 territory.
Weekly Support Holds Amid Downtrend
Despite market uncertainty, XRP closed May below the pivotal 50-day exponential moving average (EMA) and has since remained under this crucial level. Nevertheless, market analyst Cryptoes confirmed that XRP has consistently defended its weekly support. Data from Cryptoes’ chart shows that downward pressure pushed XRP below a critical upper trendline in early April, resulting in a 15% drop within seven days to $0.5037.
Despite recovering from the $0.50 region, XRP has struggled to reclaim the $0.60 territory, failing to break above the upper trendline again. Nonetheless, the bulls have fiercely defended any drops below the significant weekly support at the lower spectrum of the $0.5 zone. Cryptoes suggests that XRP maintains a strong position on the weekly chart, projecting an imminent upward move.
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Bullish Indicators Signal Potential Spike
Another market watcher, Dark Defender, also confirms the bullish structure on XRP’s weekly chart. According to him, the Fisher Indicator shows that XRP has entered oversold territory. The Fisher Indicator converts price movements into a normal distribution, highlighting extreme levels to identify potential market turning points.
This oversold signal, along with other indicators, fuels Dark Defender’s optimism. He reveals that XRP has formed a cup and handle structure on the weekly timeframe. This pattern signifies a potential bullish breakout, indicating an upward trend continuation after consolidation. Dark Defender expects XRP to push above its previous highs below $1.
Related article: XRP’s Consolidation Phase: Assessing Potential Breakouts
He believes a spike to $1.33 could occur once XRP secures a breakout above the handle. The last time XRP reached the $1.33 price level was during the previous bull run in November 2021. Data from Dark Defender’s chart indicates that XRP’s breakout could push it to the November 2023 highs of $0.7476.
From this level, he projects a possible 77% spike to $1.33. Currently, XRP trades at $0.5253, up 2.20% on the weekly candle. Its RSI is at 46, suggesting room for further growth.
