A well-known crypto analyst operating under the name ChartNerd has highlighted that XRP may be on the verge of completing one of its largest chart formations in eight years. The analyst points to the development of the “cup and handle” pattern—famous for triggering months-long rallies—emerging at historical resistance levels where XRP has struggled for years. Although the formation is not yet confirmed, investor interest is mounting as XRP continues to hold above crucial support zones.
Key signals in technical indicators
At the time of reporting, XRP is trading at $1.42, hovering close to its critical resistance at $1.50. According to CryptoAppsy data, this current price range marks an important threshold for long-term projections. The analyst notes that the “cup” section of the pattern appears largely complete, while the extended sideways movement after previous peaks signals a potential transition into the “handle” phase.
Repeated contacts with the Gaussian Channel indicator over the past six years have also marked bottoms for XRP, often preceding major price surges. Referencing the rally from XRP’s 2017 lows, the analyst suggests the current price structure could similarly set the stage for a significant breakout.
“The long-term ‘cup and handle’ formation resembles previous major breakout periods, and the repeated tests of the key resistance line bolster this outlook,” the analyst explains.
Long-term price targets in focus
Another notable level on the price chart is the Fibonacci 0.5 marker at $0.89, which also serves as crucial support in the Gaussian Channel. XRP remains well above this threshold, yet some investors are still cautious about the potential for further pullbacks before a larger move unfolds.
Long-term Fibonacci projections suggest that if a major breakout occurs, XRP could first target $8, and in the extended outlook, even reach $27. These technical scenarios, supported by chart indicators, have drawn particular attention from large-scale investors.
Institutional and whale activity
On-chain data reveals that major holders are maintaining their largest accumulation positions in years. This concentration indicates that a shrinking share of XRP’s total supply is contained within a smaller group of addresses. Despite XRP’s struggle at key resistance, large investors remain steady in their accumulation strategies.
Meanwhile, activity in futures markets has remained muted, with XRP’s open interest recently normalizing to average levels. Analysts widely believe this trend has provided a healthy foundation for the market, although periods of low volatility have previously preceded sudden and sharp swings.
“Periods of fading volatility can often precede a new breakout move in the market; reduced open positions suggest speculative pressure has temporarily eased,” analysts note.
In summary, the long-watched multiyear chart pattern for XRP remains intact. According to analysts, a critical turning point in price action is approaching, which could pave the way for increased volatility and potentially significant movements in the medium to long term.
