XRP Breaks Below Triangle—Will Drawdown Extend To $1.14?

A cryptocurrency analyst has highlighted how XRP has recently dropped under a Symmetrical Triangle, potentially setting a target of $1.14.

XRP Has Broken Below A Symmetrical Triangle

In a new post on X, analyst Ali Martinez has talked about a Symmetrical Triangle that the daily price of XRP was potentially trading inside before the recent drawdown. The “Symmetrical Triangle” here refers to a pattern from technical analysis (TA) that forms whenever an asset trades between two converging trendlines.

The main feature of the pattern that separates it from other triangular channels is that it involves trendlines that approach each other at a roughly equal and opposite slope. Thus, as the asset trades inside this channel, its range shrinks to a midpoint.

Like with other consolidation patterns in TA, the upper level of a Symmetrical Triangle is also assumed to be a source of resistance, while the lower line that of