XRP Surges on Dark Defender's Cup-and-Handle Breakout Prediction

Crypto analyst Dark Defender has identified a massive long-term Cup-and-Handle pattern on XRP's monthly chart, which is now moving toward a major breakout zone. The pattern has formed over several years, stretching from around 2017 to the present.

The cup part of the formation occurred during XRP's major 2017 rally and its subsequent decline, while the handle formed after the 2021 peak when XRP entered a long consolidation before starting its latest recovery. Dark Defender believes this long-term structure has now completed, calling it the 'biggest Cup & Handle ever' for XRP.

The analyst is looking at the Fibonacci levels above the current price to map out XRP's possible next moves. The 161.8% Fibonacci extension is currently at $1.88, making this a key level for XRP to clear as it enters its potential breakout phase. A sustained move above $1.88 could bring the higher Fibonacci levels into focus.

Dark Defender sees XRP reaching a price target of $750-$1,000 and believes these targets could eventually move into the five-digit range. The analyst's earlier predictions were based on various factors including tokenized asset growth, circulating supply velocity, XRP's share of collateral, collateral ratios, Fibonacci time zones, and historical patterns.

XRP is currently trading around $1.62, up about 10% today and 20% this week, making it the biggest gainer among the top 10 cryptocurrencies. This rally comes as whales reportedly bought 470 million XRP worth around $724 million in five days.