Analyst Suggests XRP Could Reach $15 If This Trend Is Active

An analyst has detailed how XRP might reach the $15 mark if the ongoing price movement is influenced by a specific technical pattern.

XRP Previously Traded Within A Symmetrical Triangle

In a recent update, analyst Ali Martinez discussed the potential direction for XRP through technical analysis. The focus is on a Symmetrical Triangle, a formation that occurs when an asset’s price moves between two converging trendlines with equal slope but opposite directions.

The upper trendline aligns with a series of declining highs, while the lower trendline corresponds to a series of rising lows. As with other consolidation patterns, the upper line is expected to act as resistance during any retests, while the lower line is likely to provide support. A breakout above either trendline signals a continuation in that direction, with upward movement indicating a bullish trend and downward movement indicating a bearish one.

As the asset’s price oscillates within the Symmetrical Triangle, its movement constricts over time until it reaches a pinpoint at the triangle’s apex. Consequently, as it approaches the triangle’s end, the likelihood of a breakout increases.

Besides the Symmetrical Triangle, technical analysis also recognizes two other common types: the Ascending and Descending Triangles. In these scenarios, one of the trendlines remains parallel to the time axis, leading to an upward or downward consolidation, as indicated by their respective names.

The analyst provided a chart illustrating the Symmetrical Triangle that XRP appeared to be trading within for an extended period prior to its breakout:

The chart indicates that XRP was approaching the apex of this long-term Symmetrical Triangle last year, suggesting that a breakout was increasingly likely. Ultimately, supported by a bullish rally in the latter months of the year, the asset successfully broke above the pattern.

Typically, when a breakout occurs from a triangular formation, the anticipated rise is equivalent to the triangle’s height. Given the dimensions of this Symmetrical Triangle, a bullish target of approximately $15 could be feasible for XRP.

This target would remain valid only if XRP’s current upward trend is indeed underpinned by this Symmetrical Triangle pattern. If this scenario holds true and XRP embarks on a bullish run to hit that target, it would represent a gain of over 500% from its existing price.

XRP Current Price

As of the latest update, XRP is trading at about $2.45, reflecting an increase of around 3% over the past week.