A cryptocurrency analyst has pointed out how support could lie between the $0.60 and $0.90 levels for XRP, based on this technical analysis (TA) pattern.<\/p>\n
In a new post<\/a> on X, analyst Ali Martinez has shared a TA pattern forming in the monthly price chart of XRP. The pattern in question is an Ascending Triangle<\/a>, which is a type of triangle. Triangles form whenever an asset\u2019s price trades between two converging trendlines, with the upper level acting as a source of resistance, while the lower one that of support.<\/p>\n The main characteristic of an Ascending Triangle is that the upper line is parallel to the time-axis. This means that as the asset travels through the channel, its consolidation range shrinks to an upside.<\/p>\n Generally, breaks out of a triangle can imply the start of a sustained move. A surge above the resistance can be a bullish sign, while a drop under the support a bearish one. In Ascending Triangles, the upward bias suggests that a breakout may be more probable to occur in the up direction.<\/p>\n Similar to the Ascending Triangle, there is also a pattern called the Descending Triangle<\/a> in TA. This channel works much in the same way, with the key difference being that the bottom level is the one parallel to the time-axis instead. Thus, as the price moves through this pattern, its range shrinks down.<\/p>\n Now, here is the chart shared by Martinez that shows the Ascending Triangle that the 1-month price of XRP has been stuck inside over the past few years:<\/p>\n As displayed in the above graph, the monthly XRP price retested the upper ceiling of the Ascending Triangle last year, but it ended up finding rejection. The coin has since witnessed a significant drawdown.<\/p>\n Currently, it\u2019s unclear whether the bearish momentum in the cryptocurrency will advance further, but in the event that it does, a retest of the lower level might occur. \u201cXRP could find support along the triangle\u2019s hypotenuse between $0.90 and $0.60,\u201d explained the analyst. This line has so far acted as a cushion for XRP a few times, including during the lows of the bear market<\/a>.<\/p>\n It now remains to be seen if the asset will retest the support line in the near future or if it will find a rebound before one can occur.<\/p>\n At the time of writing, XRP is trading around $1.4, down nearly 5% over the last 24 hours.<\/p>","protected":false},"excerpt":{"rendered":" A cryptocurrency analyst has pointed out how support could lie between the $0.60 and $0.90 levels for XRP, based on this technical analysis (TA) pattern. XRP Could Be Moving Inside An Ascending Triangle In a new post on X, analyst Ali Martinez has shared a TA pattern forming in the monthly price chart of XRP. […]<\/p>\n","protected":false},"author":0,"featured_media":138439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-138438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/138438"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=138438"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/138438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/138439"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=138438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=138438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=138438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP Price<\/h2>\n