XRP Forms Long-Term Pattern With $27 Price Target: Analyst

The analyst compared XRP's current consolidation to its 2022 bottoming phase rather than a breakdown in its long-term trend. Chart analyst ChartNerd flagged an 8.5-year cup-and-handle pattern on XRP this week, arguing that the token is nearing the 0.618 Fibonacci retracement level that could set up a long-term move toward $8, $13, and $27. The outlook arrives while XRP itself sits near $1.06, deep in a correction that has wiped out most of its gains from the past year. Cup and Handle Points to $8, $13, and $27 In an August 4 post on X, ChartNerd said XRP’s cup-and-handle formation is “one of the largest macro setups” on the market and that the token is approaching the 0.618 Fibonacci retracement level, which the analyst believes could support a move toward the Fibonacci extension targets of $8, $13, and $27. According to him, the targets are “not an if, but a when,” and he has also warned that short-term price action remains uncertain. The analyst said XRP’s recent weakness does not necessarily point to problems with the asset itself, describing it as part of a wider crypto market correction. That conviction comes with a caveat. In a separate post, ChartNerd laid out a scenario whe...