XRP Cup-and-Handle Formation Suggests $27 Price Target

ChartNerd has identified an 8.5-year cup-and-handle pattern on XRP, suggesting that the token is nearing the 0.618 Fibonacci retracement level and poised to break out toward $27.

The analyst pointed out that this formation is one of the largest macro setups on the market and believes that XRP's recent weakness does not necessarily indicate problems with the asset itself, but rather a part of a wider crypto market correction.

However, ChartNerd also cautioned that short-term price action remains uncertain and that there are alternative scenarios, such as XRP consolidating around $1 for the rest of the year, similar to its bottoming process in June 2022.