The price of the XRP printed the cup and handle pattern on the 4 -hour chart, which is a technical chart pattern related to strong upward exercise. Can you see the start of this optimistic setting and the reduction of the balance of the exchange lasts more than $ 3.00?
Exchange leaks wet the XRP bulls back
According to data from Cointelegraph Markets Pro and TradingView, the XRP/USD pairs rose 3.5% to $ 2.63 on February 17.
XRP (XRP) prices rose 10% over the last seven days after the sale, down to $ 1.76, down 44% in early February.
Settings for low periods indicate that the XRP price can rise at the current level. In particular, the exchange flow was turned upside down.
The chart below shows that the XRP Spot Exchange flow has turned red on February 16 after the flow of the flow flowed for 3 days. This theoretically, this helps the price of XRP by reducing sales pressure on the market.
XRP spot inflow/leak. Source: COINGLASS
XRP Exchange Flows has maintained a negative state since the November 500% rally. In other words, despite the price increase, investors did not benefit much.
relevant: Bitcoin
In addition, according to Cryptoquant’s data, Exchange’s XRP supply has fallen since mid -November 2024, with this period with 330% rally of the XRP price.
XRP supply to exchange. Source: cryptoquant
XRP’s Cup & Handle Eye $ 3.40
From a technical point of view, the XRP/USD pair has formed a cup and handle chart pattern for four hours since February 1.
Cup and handle settings are a technical formation that occurs when the price drops early, and continues to recover from the appearance of a U -shaped recovery that forms a cup.
On the other hand, recovery leads to fullback movement, where the price is lowered inside the channel to form a handle.
When the price is broken above the handle, the pattern is solved and gathers to almost the same size as the previous decrease. The XRP/USD daily chart below shows this potential strong setting.
XRP/USD Maeil Daily Chart. Source: COINTELEGRAPH/TradingView
The XRP price is now a higher deal within the handle range and is pursuing a recovery for the $ 2.75 neck line resistance.
The four -hour candlestick, which is close to the neckline, can face the $ 2.84 resistance.
Breaking this barrier can remove the route toward the technical goal of a general chart pattern of less than $ 3.40, up 25% from the current level.
Some analysts agree with this outlook, saying that Dark Defender must overcome the $ 2.77 resistance for the XRP price for $ 3 for $ 3.
“XRP is trying to claim $ 2.7740. If you succeed, $ 3 will work. Breaking this channel is the first half of the two -digit level! ”
Fellow analyst KWANTXBT says that optimistic divergence, which is displayed as a momentum indicator over the day, can rise from $ 2.85 to $ 3.15.
XRP shows strong divergence in RSI and MACD. Set the stop at 2.50 with the goal of 2.85 and 3.15. The current price of 2.65 provides a decent R: R. Confidence in this setting 7/10. pic.twitter.com/2WCGVLSOI
-KWANTXBT (@kwantxbt) February 17, 2025
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.