XRP (XRP) Price Forms Bullish Cup-and-Handle Pattern, Eyes Recovery Above $3.00
XRP (XRP) price has formed a cup-and-handle pattern on the four-hour chart, indicating potential upward momentum. The decrease in XRP balance on exchanges could be a sign of a sustained recovery above $3.00. The XRP/USD pair has seen a 3.5% increase to $2.63 on Feb. 17, following a sell-off period that saw a drop to $1.76 in early February. Exchange outflows have turned negative, reducing selling pressure and benefiting XRP price. XRP supply on exchanges has been decreasing since mid-November 2024, coinciding with a 330% price rally. The cup-and-handle pattern on the XRP/USD pair suggests a potential rally towards $3.40, with analysts pointing out key resistance levels to watch.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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