An analyst explained how XRP could end up targeting the $ 15 mark if this model is the governing behind the last price escape.
XRP was exchanged in a symmetrical triangle earlier
In a new post on X, analyst Ali Martinez explained where XRP could then go on the basis of a technical analysis model (TA). The reason in question is a symmetrical triangle, which forms when an asset is consolidated between two lines of trend approaching each other to a slope almost equal and opposite.
The upper line of the triangle connects successive lower summits in the price, and the highest bottom. As with other TA consolidation models, the first trend line is likely to provide resistance during a retest, while the second supports. A break in these lines can involve a continuation of the trend in this direction. Naturally, an escape above the triangle is optimistic, while a fall under it is lower.
While the price is consolidated inside a symmetrical triangle, its range becomes narrower over time, until it shrinks to a point in the apex. Thus, while the asset moves towards the end of the triangle, it can become more likely to find an escape.
The symmetrical triangle is not the only type of triangle that exists in TA. Two other popular variations are the ascending and descendants triangles, which emerge when one of the trend lines is parallel to the time axis. As the names of these models already suggest, they involve consolidation towards a net upward and downward, respectively.
Now here is the graph shared by the analyst who shows the symmetrical triangle that XRP potentially exchanged for years before an escape:
As displayed in the above graph, XRP was approaching the apex of this long-term symmetrical triangle last year, which means that a break became probable. And indeed, with the Taurus rally in the past two months of the year, the play has managed to find a break above the model.
Generally, eruptions resulting from a triangular pattern are supposed to be the same length as the height of the triangle itself. Based on the height of this symmetrical triangle, a potential optimistic target could be around $ 15 for the cryptocurrency.
Naturally, this target would only hold if the trajectory that XRP currently follows is really based on this symmetrical triangle. In the scenario according to which the model ends up being the government and the play observes a bull at this level, it would have seen an increase of more than 500% compared to the current price.
XRP price
At the time of writing the editorial staff, XRP floats around $ 2.45, up approximately 3% in the last seven days.
