Ripple (XRP) chart forming a "hot cup" pattern: major moves coming soon?

Gate News bot news, chart analyst DefendDark stated that as the price movement converges with key trend lines, Fibonacci levels, and the formation of a cup shape, Ripple (XRP) is approaching a critical turning point. This setup indicates that a breakout may occur as the tension within the compressed technical structure increases.

The Exponential Moving Average (EMA) is closely aligned, and the price is being squeezed by a descending resistance trend line.

In addition, the chart also highlights the interaction with the Ichimoku cloud, further emphasizing the narrowing of the range. DefendDark pointed out that "the cup is hot," indicating that a strong directional movement may be on the way.

(Source: Coindoo)

Key Levels to Watch

Support level: $2.0706

Short-term targets: $2.22 and $3.61

The price is currently hovering around the $2.07 support level, with huge upside potential if the trend breaks out of the bullish trend. The chart shows that a "cup handle" pattern is likely to form, and the breakout points may be aligned with the cup handle surface and Fibonacci retracement levels.

The overlap of trend lines, Ichimoku signals, and exponential moving averages creates a high-risk technical tension zone. As DefendDark said, "Be ready to make decisions" - a breakout could trigger a rapid price surge, closely approaching the expected target.