XRP Sees Long-Term Price Target of $27 as Analyst Identifies Key Pattern

An analysis by ChartNerd suggests that XRP is nearing a long-term price target of $27. The analyst identified an 8.5-year cup-and-handle pattern on XRP, which could set up a move toward the Fibonacci extension targets of $8 and $13.

The cup-and-handle formation is 'one of the largest macro setups' on the market, according to ChartNerd. He believes that XRP's recent weakness does not necessarily point to problems with the asset itself, but rather part of a wider crypto market correction.

However, there are varying opinions among analysts. Trader CryptoBull dismissed the lower short-term targets, betting XRP skips past $0.87 and $0.73 entirely. He wrote, 'Those waiting for $0.87 or $0.73, I will see you at $23.'

Other analysts have also focused on XRP's current technical position. EGRAG CRYPTO said the Ripple token had lost its 50-day moving average and was approaching the 100-day exponential moving average, a level historically important for long-term support.