A cryptocurrency analyst has pointed out that support could lie between $0.60 and $0.90 for XRP, based on a technical analysis pattern.
XRP Could Be Moving Inside An Ascending Triangle
In a recent post on X, analyst Ali Martinez highlighted a technical pattern forming on XRP’s monthly chart: an Ascending Triangle. Triangles form when price trades between two converging trendlines, with the upper line acting as resistance and the lower as support. The defining trait of an Ascending Triangle is a horizontal upper trendline, which causes the consolidation range to tighten toward the upside.
Breakouts from triangles can signal the start of a sustained move: a rise above resistance is typically bullish, while a drop below support is bearish. Because Ascending Triangles carry an upward bias, an upside breakout is often considered more likely. By contrast, a Descending Triangle has the horizontal line at the bottom, compressing range to the downside.
Martinez’s chart shows XRP’s 1-month price confined within an Ascending Triangle for several years. The monthly price retested the triangle’s upper ceiling last year and was rejected, after which the coin experienced a notable drawdown. If bearish momentum continues, XRP could retest the triangle’s lower trendline. Martinez notes: “XRP could find support along the triangle’s hypotenuse between $0.90 and $0.60.” That support line has acted as a cushion for XRP multiple times, including during the bear market lows.
It remains uncertain whether XRP will retest that support or rebound before reaching it.
XRP Price
At the time of writing, XRP trades around $1.40, down nearly 5% over the last 24 hours.
Featured image from Dall‑E; chart from TradingView.com.