The cryptocurrency analyst pointed out that the Symmetric Triangle forming on the 12-hour price of XRP may indicate a significant move in the future for this asset.

XRP is potentially moving inside a symmetrical triangle

In the modern one post on X, analyst Ali Martinez shared a technical analysis (TA) pattern that XRP has been consolidating lately. The pattern in question is the “symmetrical triangle”, which includes a consolidation channel that, as the name suggests, is triangular in shape. It includes two converging trend lines, with the upper one being a source of resistance and the lower one being support.

The main feature of the Symmetric Triangle that distinguishes it from other triangular channels is that its trend lines approach each other at approximately equal and opposite angles. This means that as the resource moves within this channel, its scope shrinks towards the center.

As with other TA patterns, a breakout from the triangle also indicates a possible continuation of the trend in this direction. This means that a rise above the pattern can be a bullish sign and a fall below it can be a bearish sign.

Here is a chart shared by Martinez that shows the Symmetric Triangle where the 12-hour price of XRP has been trading for several months:

As you can see in the chart above, last week the 12-hour price of XRP briefly retested the upper level of the Symmetric Triangle, but the coin was ultimately rejected. It has since fallen towards the center line of the triangle.

From this position, it is tough to say which trendline the cryptocurrency will retest next, but it is possible that several more retests could result in a breakout, depending on the escalate in asset values ​​in the channel. You can see on the chart that XRP is near the apex of the triangle, which means that its range within the triangle has narrowed significantly. Generally speaking, a narrower range means a greater chance of a breakout.

In terms of the type of move a breakout from the Symmetrical Triangle could lead to, the analyst indicated a potential target of 35% based on the height of the channel. Now it remains to be seen which direction the price will escape from this triangle and whether there will be a move on such a scale.

In other news, XRP has recently seen a SuperTrend rally on the daily time frame, as noted by Martinez in another X post.

This is the first time since January when the indicator gave such a signal. “After months of “selling” pressure, we officially see a buy signal that heralds a significant return of the XRP trend,” the analyst explained.

XRP price

On Friday, XRP rose to $1.50, but the cryptocurrency has since fallen back to $1.41.