✴️ XRP Giant Cup & Handle | New All-Time High Inevitable

13 paź 2023

When a strong resistance level is conquered, the market tends to go back and test the same level as support.

We are looking at XRPUSDT long-term, the weekly timeframe.

The purple line on the chart stands for EMA200, a long-term moving average.

In October 2022 XRPUSDT challenges this level as resistance but fails to break it.

Another try at EMA200 in March 2023 becomes successful and XRPUSDT moves above this level.

After breaking EMA200 the pair moves to hit a new long-term high.
In July 2023 XRPUSDT hit its highest level since March 2022, EMA200 now a thing of the past.

After a strong move there is always a correction and the most relevant level stays the same.

XRPUSDT goes down and starting July through August, wicks below EMA200 but closes above this level. In the following weeks, this level continues to be tested as support and holds.

Since this was a strong resistance on the way up, it needs to be tested as support to see if it holds... And so far it does.

It is the third time since July that this level holds as support and we have higher lows since June 2022.

All this price action matches a classic Cup & Handle pattern with the handle now in full display... What follows after such pattern develops, its a very strong bullish wave.

Since we have higher lows, we can expect a new higher high to hit next.

Caution! Prices can still dip below EMA200 for a few sessions to hunt for liquidity, to kill some longs, to activate automated stop-loss orders, something like May 2023... It can happen, but that is not what we are looking for.

With the Cup & Handle pattern almost complete, we start to wonder how far up can it go?

👉 In the intermediate-term XRP can easily go above $1, can be 1.30 or 1.75.
👉 In the long-term, a new All-Time High is high probability or should I say inevitable?

Thank you for reading.

Namaste.