ChartNerd flagged this epic 8.5-year cup-and-handle setup on XRP this week claiming the token is closing in on that 0.618 Fibonacci retracement zone for a potential long-term push toward $8 $13 and $27 🖤.
The vibe hits while XRP hovers near $1.06 deep in a correction phase that erased most gains from the past year 🌙.
Cup Handle Formation Hints at Massive Gains 🔮
In an August 4 post on X ChartNerd said XRP’s cup-and-handle formation stands as one of the largest macro setups on the market and the token nears the 0.618 Fibonacci retracement level which could fuel moves to the Fibonacci extension targets of $8 $13 and $27 said 🦇. According to him the targets represent not an if but a when yet he cautioned short-term price action stays uncertain. The analyst noted XRP’s recent weakness signals no asset issues but rather part of a wider crypto market correction 💀.
That conviction arrives with a twist. In a separate post ChartNerd outlined a scenario where XRP consolidates around $1 for the rest of the year akin to the bottoming process from June 2022 where a Gaussian channel indicator catches up to price gradually instead of a steep drop first laid out 🕯️. He framed this as an alternative to an earlier $0.90 to $0.70 target range without reversing the long-term thesis adding the original roadmap toward the $1 area came when XRP traded near $1.80 to $2.
But not everyone buys ChartNerd’s numbers. Trader CryptoBull dismissed the lower short-term targets in a post this week betting XRP skips past $0.87 and $0.73 entirely dismissed 🌹.
“Those waiting for $0.87 or $0.73 I will see you at $23” he wrote.
Current Dip and Analyst Views 🕸️
Other analysts focused on XRP’s technical position too including EGRAG CRYPTO who noted the Ripple token lost its 50-day moving average and approaches the 100-day exponential moving average a level described as historically key for long-term support lost. According to the market watcher a move toward the $1 to $0.95 range could count as a normal retest if XRP holds that area with a possible downside target near $0.80 if the token falls toward the lower boundary of its long-term channel while keeping targets of $15 $27 and above $50. Another analyst Ali Martinez pointed to $1.06 as the pivotal level deciding XRP’s next move. In an August 4 report Martinez said holding that price could open paths toward $1.35 and $1.64 while losing it exposes XRP to a drop toward $0.62. The asset trades around $1.06 now with data showing a drop of about 2% over seven days and more than 6% across 30 days. Over the past year XRP fell about 65% keeping it nearly 71% below its all-time high of $3.65.
Just another echo from the void by iconofsin.eth 💖
