Chart analyst ChartNerd flagged an 8.5-year cup-and-handle pattern on XRP this week, arguing that the token is nearing the 0.618 Fibonacci retracement level that could set up a long-term move toward $8, $13, and $27.<\/p>\n
The outlook arrives while XRP itself sits near $1.06, deep in a correction that has wiped out most of its gains from the past year.<\/p>\n
In an August 4 post on X, ChartNerd said<\/a> XRP\u2019s cup-and-handle formation is \u201cone of the largest macro setups\u201d on the market and that the token is approaching the 0.618 Fibonacci retracement level, which the analyst believes could support a move toward the Fibonacci extension targets of $8, $13, and $27.<\/p>\n According to him, the targets are \u201cnot an if, but a when,\u201d and he has also warned that short-term price action remains uncertain. The analyst said XRP\u2019s recent weakness does not necessarily point to problems with the asset itself, describing<\/a> it as part of a wider crypto market correction.<\/p>\n That conviction comes with a caveat. In a separate post, ChartNerd laid out<\/a> a scenario where XRP spends the rest of the year consolidating around $1, comparing it to the bottoming process from June 2022, with a Gaussian channel indicator only catching up to price gradually instead of through a steep drop first.<\/p>\n He framed the scenario as an alternative to an earlier $0.90 to $0.70 target range, not a reversal of the long-term thesis, adding that the original roadmap toward the $1 area was mapped out back when XRP traded near $1.80 to $2.<\/p>\n But not everyone is buying ChartNerd\u2019s numbers. Trader CryptoBull dismissed<\/a> the lower short-term targets in a post this week, betting XRP skips past $0.87 and $0.73 entirely.<\/p>\n \u201cThose waiting for $0.87 or $0.73, I will see you at $23,\u201d he wrote.<\/p>\n Other analysts have also focused on XRP\u2019s current technical position, including EGRAG CRYPTO, who said the Ripple token had lost<\/a> its 50-day moving average and was approaching the 100-day exponential moving average, a level the analyst described as historically important for long-term support.<\/p>\n According to the market watcher, a move toward the $1 to $0.95 range could be a normal retest if XRP holds that area. He placed a possible downside target near $0.80 if the token falls toward the lower boundary of its long-term channel, while maintaining targets of $15, $27, and above $50.<\/p>\n Another analyst, Ali Martinez, also pointed<\/a> to $1.06 as the level that could decide XRP\u2019s next move. In an August 4 report, Martinez said holding that price could open a path toward $1.35 and $1.64, while losing it could expose XRP to a drop toward $0.62.<\/p>\n The asset was trading around $1.06 at the time of writing, with CoinGecko data showing it had gone down by about 2% over seven days and more than 6% across 30 days. Over the past year, XRP has fallen about 65%, keeping it nearly 71% below its all-time high of $3.65.<\/p>\n The post XRP Forms Long-Term Pattern With $27 Price Target: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Chart analyst ChartNerd flagged an 8.5-year cup-and-handle pattern on XRP this week, arguing that the token is nearing the 0.618 Fibonacci retracement level that could set up a long-term move toward $8, $13, and $27. The outlook arrives while XRP itself sits near $1.06, deep in a correction that has wiped out most of its […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-209481","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/209481"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=209481"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/209481\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=209481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=209481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=209481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP\u2019s Price Slide and What Other Analysts See<\/h2>\n