A cryptocurrency analyst noted that a symmetrical triangle forming on the 12-hour XRP price could indicate a notable move forward for the asset.
XRP is likely to move within a symmetrical triangle
In new mail On X, analyst Ali Martinez participated Technical Analysis (TA) The pattern into which XRP was recently integrated. The pattern in question is “Symmetrical triangle“, which includes a consolidation channel, as its name suggests, in the shape of a triangle. It includes two converging trend lines, where the upper line acts as a source of resistance and the lower line acts as a source of support.
The main feature of the symmetrical triangle that distinguishes it from other triangle channels is that its trend lines approach each other at approximately equal and opposite angles. This means that when the asset moves within this channel, its range shrinks to the midpoint.
As with other technical analysis patterns, a breakout of the triangles also means the trend may continue in that direction. This means that a rise above the pattern can be a bullish signal, while a fall below it can be a bearish signal.
Now, here’s the chart Martinez shared that shows the symmetrical triangle that the 12-hour XRP price has traded within for the past two months:
As shown in the chart above, the 12-hour XRP price briefly retested the upper level of the symmetrical triangle last week, but the coin was ultimately rejected. Since then, it has declined towards the midline of the triangle.
From this situation, it is difficult to determine which trend line the cryptocurrency will retest next, but it is possible that the next few retests could end in a breakout, depending on the asset’s progress within the channel. The chart shows that XRP is not far from the top of the triangle, which means that its range within the triangle has shrunk significantly. In general, a narrower range indicates a greater chance of a breakout.
As for what kind of move a breakout from this symmetrical triangle could trigger, the analyst highlighted a potential target of 35% based on the channel’s rise. It now remains to be seen which way the price will escape from this triangle and whether the movement of the scale will follow or not.
In some other news, XRP Super trend It has flipped higher on the daily time frame recently, as Martinez pointed out in another X mail.
This is the first time since January that the indicator has given this signal. “After months of ‘sell’ pressure, we are officially seeing a buy signal anticipating a significant return in the direction of XRP,” the analyst explained.
Ripple price
The price of XRP rose to $1.50 on Friday, but the cryptocurrency has since fallen to the $1.41 level.
