XRP double long wick candle tests the top of $3.65 is actually a "cup and handle pattern", analyst: bull run not over, gearing up for new highs | XRP price prediction

The price of XRP fell back after hitting the $3.6 level for the second time this year, raising concerns in the market about the end of the rally. However, well-known analyst Cryptinsightuk pointed out that its daily chart is forming a classic bullish relay pattern — Cup and Saucer Pattern. Despite facing double long wick candle resistance at $3.65, XRP continues to create "Higher Lows," and the pattern is being built above previous highs, indicating that the pullback is merely a continuation of the rise. If the technical formation is confirmed, breaking through $3.65 will open up the channel to challenge the historical high of $3.8. Coupled with the favourable information from institutions like Bitwise and Grayscale including XRP in their ETFs (although the SEC has delayed approval), the fundamentals and technicals of XRP resonate, possibly becoming the engine for the next round of the altcoin bull run.

Market Concerns: Double Wick Candle Suppressing $3.65, Rise Stalled?

The price of XRP (XRP) has recently shown a noticeable slowdown in its rise after successfully reclaiming the key level of $3.6. The second attempt this year to challenge the $3.65 resistance level ended in a failure, resulting in a pullback (forming a "double long wick candle" candlestick pattern), raising concerns among some investors about whether the current bullish trend of XRP has come to an end.

Technical Dawn: Cup and Handle Pattern Emerges, Pullback is Actually Accumulation

In the face of market concerns, cryptocurrency analyst Cryptinsightuk released key insights on social platform X (formerly Twitter): a classic bullish technical formation is quietly forming on the XRP daily chart - Cup and Saucer Pattern.

• Pattern Interpretation: This pattern typically consists of a "U-shaped cup (Cup)" and a short pullback forming the "cup handle (Handle)". It is regarded as a relay consolidation pattern in an upward trend, rather than a reversal signal.
• Current Progress: Cryptinsightuk emphasizes that despite encountering the $3.65 resistance level's "Double Rejection", the XRP price continues to record "Higher Lows"—this is a key characteristic of maintaining the uptrend. As long as this structure remains unchanged, regardless of the resistance level, the overall outlook remains bullish.
• Key Advantage: This cup handle pattern is constructed above the previous oscillation range high. Analysts point out that this makes it more likely to be a bullish continuation pattern that promotes a subsequent breakout, rather than a top structure indicating a price collapse (Breakdown).
• Formation Incomplete: The chart clearly shows that the cup and handle pattern has not been fully constructed yet. This means that the current pullback is more likely just a "Slowdown" in the process of rising, rather than the end of the trend.

Target Outlook: Break through $3.65, aiming for a historical high of $3.8+

If the cup and handle pattern develops as expected and is ultimately confirmed, the price movement of XRP will point to:

1. Primary Goal: Successfully retest and effectively break through the current key resistance level $3.65.
2. Significance of the Breakthrough: Once stabilizing at $3.65, it will confirm the validity of the pattern and restart the upward trend.
3. Medium-term goal: The continuing rise will push XRP to challenge and refresh its all-time high with a target pointing to $3.8 or even higher levels.

Fundamentals Support: Institutional ETF Adoption Ignites Long-Term Hope

In addition to the bullish signals from the technical perspective, recent market dynamics have also provided fundamental support for XRP:

1. Bitwise Index Fund Inclusion: Earlier this week, the U.S. Securities and Exchange Commission (SEC) provisionally approved the conversion application of the Bitwise 10 Crypto Index Fund. The fund explicitly includes XRP in a basket of cryptocurrencies it holds. Although the SEC subsequently issued a Stay Order pending further review, the institutional product's willingness to accept XRP is clearly visible.
2. The first XRP spot ETF approved (milestone): Just one week before Bitwise's approval, the SEC first approved a spot ETF directly holding XRP for trading. This paves the way for more institutional investors to conveniently allocate XRP, marking an important regulatory breakthrough.
3. Grayscale ETF application pending approval: Industry giant Grayscale has also applied to convert its "Grayscale Digital Large Cap Fund LLC" fund, which includes XRP, into a spot ETF, and is currently waiting for the SEC's approval decision. If approved, it will bring a larger potential influx of funds for XRP.

Conclusion: As the market anxiously attempts to push XRP to $3.65 without success, the cup and handle pattern quietly outlined by the technical aspect reveals a deeper market logic — the pullback is not a termination, but rather a buildup of strength. The dual long wick candle pressure at $3.65 serves as a fortress for the bears and a strategic high ground that the bulls must conquer. On the institutional level, the Bitwise index fund, the launch of the first XRP spot ETF (despite some setbacks), and Grayscale's application weave together a narrative of XRP's integration into the mainstream financial system. The bullish relay signal from the technical pattern resonates with the willingness of institutional capital to enter; if XRP can effectively break through the strong resistance at $3.65, then the challenge of reaching the historical high of $3.8 and even opening up a broader space will not be out of reach. Investors should closely monitor the final confirmation of the cup and handle pattern and the battle for $3.65.