A cryptocurrency analyst has highlighted how XRP recently fell below a symmetrical triangle and may have set a target of $1.14.
XRP is broken under a symmetrical triangle
In a new after on The ‘Symmetrical Triangle’ here refers to a technical analysis (TA) pattern that arises when an asset trades between two converging trend lines.
The key feature of the pattern that separates it from other triangular channels is that it includes trend lines that approach each other on approximately equal and opposite slopes. As the asset trades within this channel, the range shrinks to a midpoint.
Similar to other consolidation patterns in TA, the upper level of a symmetrical triangle is also believed to be a source of resistance, while the lower line is a source of support. A breakout of one of these trend lines could indicate a continuation of the trend in that direction.
Here is the chart shared by Martinez showing the symmetrical triangle that previously formed in the 1-day price of XRP:
As shown in the chart above, XRP spent a few months in the symmetrical triangle, but when the range tightened in May, a breakout finally occurred. However, the breakout happened in a downward direction, with the asset sliding below the support level.
As mentioned earlier, companies from a symmetrical triangle can signal a continuation of the trend in that direction. This means that the loss of support could be a bearish signal.
From the chart, the pattern appears to be holding for XRP so far, with the bearish action continuing since the lower level gave way. Based on the trend, the analyst has set a target of $1.14 for the cryptocurrency. It now remains to be seen whether the currency will march to this level or whether its trajectory will reverse.
This symmetrical triangle, shared by Martinez, was a short-term pattern. In another recent X afterthe analyst highlighted a long-term channel that XRP’s monthly price may have been stuck in for years.
The pattern in question is a parallel channel, which, as the name suggests, involves two trendlines that are parallel to each other. As the chart below shows, the asset retested the resistance level of this channel in 2025, but was ultimately rejected.
The cryptocurrency has been declining since this reversal. “If $XRP continues to respect this parallel channel, the mid-range near $0.73 could become an attractive accumulation zone,” Martinez said.
XRP price
At the time of writing, XRP is hovering around $1.23, down almost 8% in the past seven days.