XRP Could Retest Triangle Support At $2.72, Analyst Warns

XRP has been declining over the past few days, making a retest of this Descending Triangle’s lower boundary possible, according to an ￰0￱ Has Been Moving Inside A Descending Triangle Recently In a new post on X, analyst Ali Martinez has talked about where XRP may be heading next, based on a Descending ￰1￱ technical analysis (TA) pattern forms when an asset’s price witnesses consolidation between two converging ￰2￱ main feature of the pattern is that its lower trendline is parallel to the ￰3￱ level acts as a support boundary, while the upper level, which is slopped downward, provides resistance to the price. Thus, as the asset trades inside a Descending Triangle, its range shrinks to a ￰4￱ Reading: Bitcoin & Altcoin OI Forming Same Warning Setup As Dec 2024, Analyst Says A break out of either of the trendlines can imply a continuation of trend in that ￰5￱ means that a surge above the triangle can be a bullish signal, while a decline under it a bearish ￰6￱ the Descending Triangle, there is also the Ascending Triangle in TA, which works similarly, except for the fact that the orientation of the trendlines is flipped; the upper line is the one parallel to the time-axis instead.

Now, here is the chart shared by the analyst that shows the Descending Triangle that the 1-day price of XRP has been stuck inside for the last few months: As displayed in the above graph, XRP made a retest of the Descending Triangle’s upper trendline earlier in the month, but it was unable to break past the ￰7￱ coin has since been on the way down and has traveled roughly halfway through the distance between the trendlines. “It looks like XRP is heading for a retest of the triangle’s bottom at $2.72,” notes ￰8￱ the current exchange rate of the asset, a fall to this target would imply a loss of almost 7%. From the chart, another development related to the cryptocurrency is also visible: its price is slowly inching toward the apex of the triangle.

Generally, breakouts become more likely to occur the closer the asset gets to the end of the ￰9￱ is because the range gets progressively tighter over the course of a ￰10￱ Reading: Bitcoin Plummets To $120,600: This Could Be The Next Support Thus, the next retest of either trendline could be interesting, as it may pave the way to a ￰11￱ only remains to be seen, though, which level XRP will retest ￰12￱ Price At the time of writing, XRP is floating around $0.292, down 3% over the last seven ￰13￱ image from Dall-E, charts from ￰14￱