Cryptocurrency XRP is exhibiting a significant technical pattern known as the "Double Coffee Cup" on its weekly chart. This is highlighted by crypto analyst Dark Defender who suggests that such a formation is often associated with bullish market trends. This pattern is characterized by two rounded bottoms, as depicted using blue and orange curves on the chart, pointing to a potential substantial uptrend for XRP.
The "Double Coffee Cup" pattern indicates a phase of extended consolidation followed by a possible upward movement. While technical chart patterns provide an analytical perspective, they are often used in strategic planning by traders and analysts to anticipate price movements and potential targets. If the trend holds true, XRP might reach a price target of approximately $5.85, which suggests a strong recovery trajectory from the cryptocurrency market's recent conditions.
