An analyst explained how XRP ultimately targets the $15 target if this model is the latest price breakout.
XRP earlier traded within a symmetric triangle
In a new post on X, analyst Ali Martinez talks about the next step in XRP’s next step based on technical analysis (TA) mode. The pattern in question is a symmetrical triangle formed when assets consolidate between two trend lines at roughly equal and opposite slopes close to each other.
The top line of the triangle connects the continuous lower highs together, while the bottom lows are higher. Like other TA merge modes, previous trend lines may provide resistance during retesting, while the latter supports it. Either of these two lines can suggest a trend continuation in that direction. Naturally, the escape above the triangle is bullish, while the escape below is bearish.
As the price consolidates inside a symmetrical triangle, over time, its range becomes narrower until it shrinks to the point at the vertex. Therefore, when the asset travels toward the end of the triangle, it may become more likely to find a breakthrough.
A symmetric triangle is not the only triangle type that exists in TA. The other two popular changes are rising and falling triangles that appear when one of the trend lines is parallel to the time axis. As the names of these patterns have already indicated, they involve mergers of net up and down sides, respectively.
Now, here is a chart shared by analysts showing symmetric triangles where XRP may trade internally before breaking through:
As shown in the above chart, XRP approached the vertex of this long-term symmetric triangle last year, meaning a breakthrough is becoming possible. Indeed, as the Bulls gathered in the last few months of the year, the coin managed to find a breakthrough above the pattern.
In general, it is assumed that the breakthrough produced by the triangle pattern is the same height as the triangle itself. Depending on the height of this symmetric triangle, the potential bullish target could be $15 for cryptocurrency.
Naturally, this goal can only be maintained if the trajectory currently followed by XRP is truly based on this symmetric triangle. In the case where this situation is indeed a ruler, the coin observes the running of the cattle, which will increase the current price by more than 500%.
XRP Price
At the time of writing, XRP rose by about $2.45, up about 3% over the past seven days.
