Analyst Sets XRP Cup and Handle Target of $31, with Fib Target of $50

A market analyst and prominent chartist set multiple price objectives for XRP, leveraging several chart patterns. The ultimate Fibonacci target is $50.

Cryptobilbuwoo, a widely known analyst, remains optimistic about XRP’s potential despite the downturn the crypto asset currently faces. Recall that XRP suddenly spiked to a new yearly high of $0.7442 on March 11, closing the day with an impressive 18.84% gain.

However, the token faced a major rejection at the $0.74 territory, leading to a massive retracement that saw it collapse 4.88% the following day. This correction has continued, with XRP currently down 8.4% from the $0.7442 high.

Cryptobilbuwoo believes XRP’s current underperformance is temporary and anticipates a price uptrend in the future. To this end, he leveraged three patterns on the weekly chart to identify a range of ambitious price targets for XRP when this uptrend begins.

XRP Cup and Handle Pattern: $31 Target

The most visible setup on the chart is the cup and handle pattern. This bullish pattern typically forms when an asset’s price experiences a rounded bottom (cup) followed by a consolidation period (handle) before breaking out to the upside.

Data from the analyst’s chart shows that XRP formed the cup when it collapsed from $3.3498 ATH in January 2018 to a bottom price of $0.1165 in March 2020 and then recovered to a value of $1.9659 in April 2021.

The asset formed the handle amid the consolidation trend recorded since the slump from the April 2021 high. Taking insights from the cup and handle pattern, Cryptobilbuwoo sees XRP soaring to a $31 target, marking a 4,449% rise from its current price.

Fibonacci Targets from $21 to $50

Besides the cup and handle pattern, Cryptobilbuwoo also leveraged an Elliott Wave structure. This structure typically features five waves, and the analyst believes XRP is currently trading within Wave 3. According to him, the third wave would end with a surge to the Fibonacci range of 3.618 to 4.236.

This Fibonacci range aligns with a price target ranging from $21.54 (Fib. 3.618) to $45.04 (Fib. 4.236). XRP must rally 3,061% to hit the $21.54 price level, but a more substantial 6,509% surge would be required to clinch the $45.04 price.

Despite the ambitious nature of these targets, Cryptobilbuwoo sees higher goals for XRP. The analyst’s last pattern is the long-term pivotal Fibonacci zone of 1.618. The chart shows that this Fibonacci ratio aligns with the XRP price range of $26.6 to $33, with an ultimate overshooting target of $50.

Meanwhile, XRP trades below the $1 level, changing hands at $0.6814. Amid the sustained decline since March 11, market interest has reduced, with the token seeing a 35% decline in volume over the last 24 hours to $2.348 billion.