XRP Surges Towards $3.35: Cup-and-Handle Pattern Signals 21% Upside

XRP, the third-largest cryptocurrency by market capitalization, is currently trading at $2.66, having recently faced resistance at $2.70 after a period of growth. Technical analysis suggests a potential target of $3.35, with a notable "cup-and-handle" pattern forming in the price action, indicating a possible 21% upward movement from current levels.

Trading volume and open interest in XRP futures contracts have increased, signaling growing market participation. The asset's market capitalization has expanded to over $160 billion, reinforcing its position as the third-largest cryptocurrency. Key support levels are at $2.25 and $2.60, while resistance levels are at $2.75 and $2.84.

Recent data shows a net positive capital flow into XRP markets, further supporting the bullish market structure. Short position liquidations have increased notably, suggesting that bearish traders have been forced to exit their positions as prices rose. This market dynamic often precedes continued upward price movement.

For the bullish scenario to materialize, XRP needs to maintain its position above $2.75 in the coming days. A successful test of this level could generate renewed interest and push the price toward the $3.00 mark. The cryptocurrency's RSI (Relative Strength Index) currently sits at approximately 45, indicating that the asset is neither overbought nor oversold.

The formation of the cup-and-handle pattern, combined with strong volume and growing institutional demand, suggests that XRP's journey to $3.35 is technically possible. However, traders should monitor key resistance and support levels closely. Current market data shows XRP trading at $2.66, representing a 3.99% decrease in the last 24 hours at press time. Despite this short-term pullback, the broader market structure remains intact.