XRP Forms Bullish “Double Coffee Cup” Pattern, $5.85 Target in Sight?

• XRP has formed a bullish “Double Coffee Cup” pattern, signaling significant upward potential.  
• The breakout from a multi-year triangle aligns with improving regulatory clarity and market optimism.  
• Indicators suggest bullish momentum, but overbought conditions point to possible short-term pullbacks.  

XRP is displaying a notable technical formation on its weekly chart. According to Dark Defender, a crypto analyst, he notes that XRP has formed a “Double Coffee Cup” pattern, a structure often linked to potential bullish trends.

This double-rounded bottom pattern, marked by blue and orange curves on the chart, indicates a prolonged consolidation phase that appears to be concluding. XRP has broken out above the Ichimoku Cloud, a bullish signal.

Dark Defender also highlights the new support levels of $1.03 and $0.95. These act as critical zones where buying interest may emerge during pullbacks. The analysis suggests XRP could reach $1.88, $3.09, and $5.85, with Fibonacci extension levels supporting these projections.

Notably, the 161.8% extension aligns with the $1.88 target, while the 261.8% extension points toward the $5.85 level, signaling an upside potential if momentum persists.

Adding to this market sentiment, Davie Satoshi, another analyst, noted that XRP has finally broken out of its multi-year triangle pattern.

This breakout aligns with expanding regulatory clarity in the U.S. and a potential start to a new crypto bull cycle. These factors collectively indicate that XRP may see price appreciation, with some predicting its potential to challenge Ethereum and Bitcoin in market prominence.

Despite these promising trends, XRP’s recent price performance has been marked by volatility. Currently priced at $1.09, XRP has recorded a decline of 4.80% over the previous day.

Its market capitalization stands at $62.08 billion, securing its position as the sixth-largest crypto. Intraday charts reveal that XRP reached a high of $1.1465 before retracing sharply, indicating bearish pressure amidst heightened trading activity.

Read also: XRP Jumps 158% to $1.26, Reaches 3-Year High Linked to Trump’s Crypto Agenda

According to the technical indicators, the MACD shows an upward solid crossover, with its signal lines positioned in positive territory, supporting an upward momentum.

Meanwhile, the RSI, at 81.80, signals that XRP is currently overbought, which could lead to short-term corrections.