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1. XRP price analysis: Bullish formation could initiate the recovery.
In response to the recent correction in the cryptocurrency market in August, the XRP price has seen a massive drop over the past five weeks. It is currently trading at $0.52, down 43 percent from its mid-July high of $0.938.
Although this drop took a significant amount of XRP's market cap, the weekly time frame chart shows that this correction is part of a long-term pattern called the cup and handle. This pattern is famous for macro market bottoms that offer the potential for a trend reversal.
Therefore, if the current pullback finds suitable support near the $0.5 mark, buyers will rally to the $0.93 neckline for a potential breakout and start a fresh bull run.
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