XRP is drawing renewed market attention on Sunday, March 1, as the crypto analyst Hailey LUNC identifies a potential cup-and-handle formation on its long-term chart.
This classic bullish structure typically signals accumulation followed by breakout momentum. If confirmed with strong volume, the pattern could indicate a major trend continuation phase developing for the digital asset.
Source: Hailey LUNC X Post
Based on technical measurement principles, some analysts project a breakout target near $30, derived from the depth of the cup formation.
While such forecasts remain speculative and dependent on broader market strength, regulatory clarity, and sustained buying pressure, traders are closely monitoring resistance levels for confirmation signals.
Also Read: XRP Face-Melting Phase Ignites: Traders Eye $17+ Explosion
XRP Technicals Signal Cautious Outlook
According to TradingView, as of Sunday, March 1, XRP is trading near $1.38 after failing to hold above the $1.48–$1.50 region. The 20, 50, 100, and 200 EMAs are bearishly aligned, with the 200 EMA sloping downward around $1.51.
A sharp drop toward $1.28 was followed by a bounce that stalled beneath key moving averages and resistance levels.
Source: TradingView
The Ichimoku Cloud is flat and slightly bearish, with the price trading around the lower band of the cloud, which is indicative of consolidation.
Resistance levels are around $1.40-$1.42, and further resistance is at $1.48-$1.52. Support is at $1.35 and further at $1.28-$1.30 levels unless the price manages to move up and test these levels again.
Momentum Indicators Point to Increasing Strength
The RSI (14) is currently sitting at 50.86, slightly above the 50-neutral point, indicating that the token is experiencing balanced momentum with a slight bias towards the upside.
The RSI has recently bounced up from lower readings, sitting above its moving average of 43.98, indicating that the token is experiencing increasing short-term momentum. The indicator is also comfortably sitting below the 70-point overbought.
Source: TradingView
The MACD (12, 26, 9) is showing the development of bullish momentum. The MACD line has crossed above the signal line, and the histogram is also showing a move to the upside with small green bars.
Even though the values are near the zero level, the fact that they moved to the upside from the negative region is showing increasing momentum.
Also Read: XRP Stuck in Broadening Triangle: Can Bulls Reclaim $1.50 Again?