A cryptocurrency analyst has highlighted how the $0.90 XRP level aligns with the support level of a long-term pattern in the asset\u2019s monthly price.<\/p>\n
In a new post<\/a> on X, analyst Ali Martinez has shared a technical analysis (TA)<\/a> channel forming in the 1-month price of XRP. The pattern in question involves two trendlines: a flat upper level and an upward-facing lower level. A channel involving converging trendlines like this is popularly known as a triangle. In the case of this particular triangle, the setup resembles that of a specific type: the Ascending Triangle<\/a>.<\/p>\n The fact that the lower level has a positive slope means that as the price trades inside an Ascending Triangle, its range shrinks to a net upside. This is the reason behind the pattern having \u201cascending\u201d in its name.<\/p>\n Like with other consolidation patterns in TA, the upper level of the Ascending Triangle is considered to be a source of resistance, while the lower one that of support. If the asset manages to break past either of these boundaries, it might experience a continuation of trend in that direction.<\/p>\n Now, here is the chart shared by Martinez that shows the Ascending Triangle that the monthly price of XRP has been trading inside for the last few years:<\/p>\n As displayed in the above graph, the 1-month XRP price retested the resistance level of the Ascending Triangle last year and ended up being rejected down. Since then, the cryptocurrency has experienced a notable drawdown, with its price now closer to the bottom level than the top one.<\/p>\n In the chart, the analyst has extended the current trajectory of the asset to showcase a path that it could possibly end up following in the coming months. From this, it\u2019s apparent that XRP could end up retesting the lower level around $0.90.<\/p>\n \u201cI\u2019m watching $0.90 closely on $XRP,\u201d noted Martinez. \u201cIf price gets there, I think it could offer a compelling long-term buying opportunity.\u201d It now remains to be seen whether the current bearish trajectory of the cryptocurrency will continue for a duration long enough for this level to be retested.<\/p>\n Triangles aren\u2019t the only class of consolidation patterns in TA. Another major category is made up of Parallel Channels<\/a>, patterns that involve two parallel trendlines. As the analyst has pointed out in another X post<\/a>, Ethereum has been trading inside one such channel on the weekly timeframe.<\/p>\n As is visible in the chart, Ethereum has traveled 75% of the way down the channel with its recent drawdown. The next relevant level is located at $1,096, corresponding to the bottom trendline.<\/p>\n XRP went down to a low of $1.05 earlier, but its price has since bounced back a bit to $1.15.<\/p>","protected":false},"excerpt":{"rendered":" A cryptocurrency analyst has highlighted how the $0.90 XRP level aligns with the support level of a long-term pattern in the asset\u2019s monthly price. XRP Has Potentially Been Following A Long-Term Ascending Triangle In a new post on X, analyst Ali Martinez has shared a technical analysis (TA) channel forming in the 1-month price of […]<\/p>\n","protected":false},"author":0,"featured_media":177189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-177188","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\/177188"}],"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=177188"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/177188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/177189"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=177188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=177188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=177188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP Price<\/h2>\n