One cryptocurrency analyst highlighted how XRP has recently fallen below the symmetrical triangle, potentially setting a target at $1.14.
XRP has broken below a symmetrical triangle
In new mail On X, analyst Ali Martinez talked about A.J Symmetrical triangle That the daily price of XRP was likely trading inside before the recent drawdown. The “symmetrical triangle” here refers to a pattern of… Technical Analysis (TA) It is formed when an asset trades between two converging trend lines.
The main feature of the pattern that separates it from other triangle channels is that it involves trend lines approaching each other at approximately equal and opposite slope. Therefore, when the asset trades within this channel, its range shrinks to the midpoint.
As with other consolidation patterns in technical analysis, the upper level of the symmetrical triangle is also supposed to be a source of resistance, while the lower line is a source of support. A breakout of any of these trend lines could indicate a continuation of the trend in that direction.
Now, here is the chart Martinez shared that shows the symmetrical triangle that was previously forming in the one-day XRP price:
As shown in the chart above, XRP spent a few months inside the symmetrical triangle, but when the range became narrow in May, the breakout finally occurred. However, the escape came to the downside, with the asset falling below the support level.
As mentioned before, a breakout from a symmetrical triangle can indicate a continuation of the trend in that direction. This means that a breakdown of support could be a bearish signal.
From the chart, it appears that the pattern has held for XRP so far, with the downward movement continuing since the lower level collapsed. Based on the trend, the analyst set a target of $1.14 for the cryptocurrency. It now remains to be seen whether the currency will move towards this level or whether its course will reverse.
This symmetrical triangle that Martinez participated in was a short-term pattern. In X recently another mailThe analyst highlighted a long-term channel that the monthly price of XRP may have been stuck inside for years now.
The pattern in question is A Parallel channelwhich, as the name suggests, involves two trend lines parallel to each other. As the chart below shows, the asset retested the resistance level for this channel in 2025, but ended up being rejected.
The cryptocurrency has fallen since this reversal. “If $XRP continues to respect this parallel channel, the intermediate range near $0.73 could become an attractive accumulation area,” Martinez noted.
Ripple price
At the time of writing, the price of XRP is trading around $1.23, down approximately 8% in the past seven days.
