XRP price could reclaim recently lost peaks if a prevalent cup and handle pattern on the 30-minute chart follows through.
This is according to market analyst Ali Martinez (Ali Charts), who remains bullish on XRP despite the ongoing consolidation phase. For context, XRP’s price action has been largely uncertain throughout February, with a recent recovery push facing resistance at $2.83 on Saturday, Feb. 15.
The latest rebound effort followed a pullback that dominated the scene for several weeks. Notably, XRP collapsed after hitting a high of $2.8 on Feb. 4, 2025, as the month of February introduced intense bearish pressure across the entire crypto market.
XRP Price Forms Cup and Handle Pattern
Interestingly, while the ensuing retracement triggered concerns, Martinez has observed in his latest analysis that this downturn led to the formation of what he identifies as the cup portion of a bullish cup and handle structure on the 30-minute chart.
Nonetheless, XRP price secured a rebound from this pullback on Valentine’s Day, Feb. 14, amid reports confirming that the U.S. SEC had acknowledged NYSE Arca’s 19b-4 filing to trade the Grayscale XRP ETF. Shortly after, the SEC also acknowledged the filing for the 21Shares XRP ETF.
XRP’s price skyrocketed on the back of these developments, surging from $2.43 in the late hours of Feb. 13 to the recent high of $2.83 on Feb. 15. This essentially marked the end of the cup portion linked to the cup and handle pattern.
Meanwhile, following the latest recovery, XRP is now facing a gradual pullback, with the bulls working hard to ensure they transform this to a consolidation phase instead. However, XRP still faces a generally downward trend, leading to the formation of the handle pattern.
Possible Push to $3.35
Currently, XRP has collapsed from the $2.83 peak to a current price of $2.68, reflecting a 5.3% drop over the past two days. Nonetheless, data from Martinez’s chart suggests that this downtrend is likely to continue for a few more hours, possibly leading to a drop toward the lower end of the $2.6 price level.
However, the analyst believes a breakout from the handle structure would lead to a massive upward push. Ali Martinez’s chart shows that this push could take XRP price toward the $3.35 price mark, representing a 25% increase from the current level.
Meanwhile, another analyst CryptoWZRD had previously suggested what could happen to XRP if it retests the $3.35 level and successfully breaks above it. According to his January analysis, such a successful breakout could take XRP to $4, the next psychological region, marking a new all-time high.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
