XRP is once again in the spotlight after prominent analyst ChartNerd highlighted a potentially significant long-term technical formation. According to ChartNerd, XRP appears to be forming a multi-year cup and handle pattern just below an 8-year resistance zone. The analyst noted that the handle portion of the pattern is still developing and may involve a retest of a Gaussian channel, a technical tool used to identify price extremes and mean reversion.
The setup suggests that the prolonged consolidation phase XRP has been in could be building a larger macro structure. If the pattern plays out, Fibonacci extensions project a potential target of $8, well above the current trading range. At the time of writing, XRP was priced at $1.4494, down 2.39% over the preceding 24 hours. Market data further showed $6.44 billion in futures volume, $1.36 billion in spot volume, a market capitalization of $89.31 billion, and open interest of $3.01 billion.
