Multiple $XRPindicators, including the long-term Fibonacci levels, a cup and handle formation and the Elliott Wave structure suggest a price push to a $30 to $50 range.

Cryptobilbuwoo, a notable crypto market analyst, disclosed this in his latest analysis of $XRP’s price movements. The analyst suggested a potential rise to a price between $30 and $50 based on long-term Fibonacci levels, the Cup and Handle pattern, and Elliott Wave theory.

The analysis comes at a time when $XRPis currently battling to sustain the ongoing recovery push. $XRPeventually reclaimed the $0.60 territory yesterday but faced intense resistance at the $0.6080 high. A breach of this level could trigger an upward push to greater levels.

$XRPTargets $30 to $50 Amid Cup n Handle Pattern

Amid this battle with the bears, Cryptobilbuwoo suggested that $XRPhas the potential to reach two-digit price targets. In a recent X post, he identified a Cup and Handle patternon the $XRPchart.

#xrp #Ripple
1. Long-term Fibonacci ratio 1.618 range ($26.6~33$, overshooting $50).
2. Cup & Handle pattern target ($31) .
3. 3rd wave Fibonacci ratio 3.618~4.236 range ($21~45).
4. Symmetric period based on April 2021 high point: 171 weeks, 7/22
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— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) June 26, 2024

The Cup and Handle formation is a classic chart pattern that signifies consolidation followed by a breakout. The rounded bottom of the cup indicates a period of accumulation, while the handle represents a smaller consolidation before the price surges.

Data from the accompanying chart suggests that this bullish pattern targets a price level of $31. The target of $31 aligns with the upper end of the Fibonacci extension range. This convergence bolsters $XRP’schances of challenging for this price target. Interestingly, the analyst also identifies the possibility of an overshoot to the $50 price.

$XRPElliott Wave Structure

Also, Cryptobilbuwoo included the Elliott Wave theory in his analysis, focusing on the third wave. The chart indicates that $XRPrecently concluded the second wave amid the latest price correction. In Elliott Wave theory, the third wave, which $XRPis expected to begin, is typically the strongest.

The Fibonacci extensions for the third wave range from 3.618 to 4.236, translating to a price range of $21 to $45. In addition to this, the analyst called attention to the 1.618 Fibonacci extension level in the range of $26.6 to $33. He emphasized the significance of this zone.

Current Price Position

Meanwhile, $XRPcurrently trades for $0.5903, up 1% in the last 24 hours. Over the past few months, $XRPhas experienced fluctuations, but recent movements indicate a consolidation phase.

The Aroon indicator, used to identify trends and potential reversals, shows a 64.29% level for the Aroon Up line, indicating that upward momentum is building. Meanwhile, the Aroon Down line remains at 0.00%, showing that bearish forces are currently weak.

Moreover, the Coppock Curve is trending upwards at 65.196. This rise in the Coppock Curve typically signals the beginning of a new bullish trend. The formation of the Cup and Handle pattern and the transition to the third Elliott Wave could bolster chances of this imminent bullish trend.

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