Cryptocurrency analyst CryptoBull highlighted the bullish pattern it could send XRP price up to $60. This extremely bullish forecast comes as the altcoin continues to struggle below key resistance levels amid the current bearish trend in the cryptocurrency market.

XRP price could reach $60 thanks to this cup and handle pattern

In Post XCryptoBull revealed that a Cup and Handle formation is developing on the monthly chart and that the measured target for XRP is $60. In another Post Xthe analyst suggested that altcoin downtrend may end soon and may start generating double-digit profits.

This happened when he paid attention to Relative Strength Index (RSI) on a weekly and monthly basis, noting that it is trending below the 2020 low of $0.11. He added that the benefit for RSI is huge and that the price of XRP will soon significantly exceed $10. Interestingly, said the analyst that XRP, not Ethereum, will lead the altcoin season. He added that the chart shows a rounded bottom and another upward move awaits us.

Cryptocurrency analyst Dark Defender also predicted that the price of XRP could reach double digits at some point. In Post Xstated that the altcoin has been trading in an uptrend channel since 2017 and that the W pattern is crossing the Fibonacci level at $18. He added that nothing can stop what is coming. The attached chart showed that the altcoin could reach its target price of $18 this year.

XRP continues to face resistance at the moment

Cryptocurrency analyst Noticed by CasiTrades that the XRP price continues to face resistance at $1.65. Over the weekend, the altcoin reached this price level but encountered resistance there, leading to a keen decline below key levels. As the price has fallen below $1.53 again, CasiTrades said this suggests that altcoin is losing momentum.

The analyst further noted that given the strength of the sell-off from a few weeks ago, it is unlikely that the market will go straight into a third macro wave without another downward wave that would completely exhaust sellers. As such, there is a chance that XRP will drop to up-to-date lows before a potential bullish reversal occurs up-to-date all-time record.

CasiTrades said subwaves are trending toward a double bottom near $1.11, with a further decline to around $0.90 still possible. She added that what counts now is a forceful bullish divergence and a change in dynamics at the next low. On the bull side, she noted that if the XRP price recovers to $1.65 and holds, that would be the first real sign of strength.

At the time of writing, XRP is trading around $1.47, down over the past 24 hours, according to data from CoinMarketCap.

Featured image from Freepik, chart from Tradingview.com