XRP Nears Triangle Apex—Will A Breakout To $1.80 Follow?

A cryptocurrency analyst has pointed out how XRP could see a breakout from a Symmetrical Triangle if it manages to close above $1.45.

XRP Has Potentially Been Trading Inside A Symmetrical Triangle

In a new post on X, analyst Ali Martinez has discussed a pattern that’s possibly forming in the daily chart of XRP. The pattern in question is a Symmetrical Triangle from technical analysis (TA), which is a type of triangular consolidation channel. It involves two converging trendlines: an upper resistance barrier and a lower support cushion.

The main feature of a Symmetrical Triangle is that the two trendlines approach each other at a roughly equal and opposite slope. Thus, as the asset trades inside such a channel, its shrinks to a midpoint.

Like other consolidation patterns in TA, one of the trendlines not holding up can imply a continuation of trend in that direction. This means that a surge above the resistance level can be a bullish signal, while a fall under support a bearish one.

Since the Symmetrical Triangle involves trendlines converging at the same angle, it doesn’t have a bias in either direction. This suggests that a breakout from the pattern may be equally probable up and down.

The Symmetrical Triangle isn’t the only triangle pattern that exists in TA. Other popular types include the Ascending and Descending variations. In the former, the upper trendline is parallel to the time-axis, while in the latter, the bottom level is flat instead.

Now, here is the chart shared by Martinez that shows the Symmetrical Triangle that the 1-day price of XRP has been trading inside over the last few months:

Looks like the price of the coin has been approaching the upper level of the triangle | Source: @alicharts on X