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 TriangleThe 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.
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.
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:
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.
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.
XRP PriceAt the time of writing, XRP is trading around $1.4, down nearly 5% over the last 24 hours.
