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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

XRP Targeting $15 If This Pattern Holds, Analyst Says

Keshav Verma
Keshav Verma
6 months ago
3 mins read
XRP

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An analyst has pointed out how XRP could be targeting a breakout toward $15 if this pattern forming in its 1-week price chart is real.

XRP May Have Broken Out Of A Symmetrial Triangle

In a new post on X, analyst Ali Martinez has discussed about a long-term consolidation pattern that XRP may have been traveling inside until recently.

The formation in question is a Symmetrical Triangle from technical analysis (TA), which, as its name suggests, is shaped like a triangle. The pattern involves two trendlines within which the price consolidates, with a core feature being that these two levels approach each other at a roughly equal and opposite slope (hence the ‘symmetrical’ in the name).

The upper line of the triangle is made by joining together lower highs in the asset and the lower one by connecting higher lows. Just like with other consolidation patterns in TA, the former is likely to provide resistance and the latter support.

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As the consolidation of the cryptocurrency continues inside the triangle, it gets narrower since the trendlines approach convergence. A break out of the pattern starts to become more likely as this happens.

When the breakout occurs above the upper trendline, the coin could be assumed to be heading toward a bullish outcome. On the other hand, a fall below the lower level can be considered a bearish signal.

The Symmetrical Triangle is just one of the triangle patterns that exist in TA. Two other popular types include the Ascending and Descending Triangles, which occur when one of the trendlines is parallel to the time-axis (the upper one in case of the former and the lower for the latter).

Now, here is the chart shared by Martinez, that highlights a potential Symmetrical Triangle that the weekly price of XRP had potentially been stuck inside during the last few years:

XRP Symmetrical Triangle
Looks like the 1-week price of the coin has seen a break above this pattern in recent months | Source: @ali_charts on X

As displayed in the above graph, the weekly price of XRP may have been following a long-term Symmetrical Triangle pattern between 2018 and November of last year.

As mentioned before, a breakout becomes probable as the asset approaches the apex of the triangle and this is exactly what appears to have happened with the cryptocurrency as its price found a sharp surge above the triangle in November.

“If this is a symmetrical triangle, XRP has broken out and is targeting $15!” notes the analyst. The target is based on the fact that breaks out of the pattern are usually of a similar scale as the height of the triangle (the vertical line).

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From the current price of the coin, a rally to this level would imply a rally of a whopping 517%. It now remains to be seen whether the pattern would hold for XRP or not.

XRP Price

At the time of writing, XRP is floating around the $2.43 level, up more than 1% over the last 24 hours.

XRP Price Chart
The price of the coin seems to have been moving sideways over the last few days | Source: XRPUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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