XRP Technical Analysis: 8 MAY 2025
XRP is establishing a bullish cup and handle pattern. Source: TradingView
General View
XRP is gradually building bullish pressure, showing strong momentum above the key demand zone while forming a clean Cup and Handle pattern on the 8-hour chart. This setup is further supported by a broader descending trendline, which has consistently acted as resistance for the last several weeks but now appears within striking distance.
On The Upside
A decisive break above the neckline of the Cup and Handle, near the $2.30 to $2.32 region, could trigger an impulsive rally. Strength above the neckline would put XRP on course towards the $2.40 level, which is the descending trendline level. A clean break above this would change the course completely in the bullish favor with $2.55 next.
On The Downside
XRP now enjoys multiple support levels across the lower levels. The initial intra-day support is now at $2.22, followed by the $2.20 level. These levels are likely to hold strong for the session. Meanwhile, the key supportive range, which is keeping the bullish hopes alive, is positioned at $2.10 to $2.08 levels.
Price approaching the all-important descending resistance. Source: TradingView
