XRP Falls Below Triangle, Eyes $1.14 Target

XRP Drops Below Key Technical Pattern, Analyst Sets $1.14 Target

Cryptocurrency analyst Ali Martinez has pointed to a recent technical development for XRP, noting that the digital asset has broken below a symmetrical triangle pattern. This breakdown, according to Martinez, could signal a potential price target of $1.14.

Symmetrical Triangle Breakdown

In a recent post on X, Martinez discussed a symmetrical triangle pattern that had been forming on XRP’s daily price chart prior to its recent downturn. A symmetrical triangle is a technical analysis formation characterized by two converging trendlines, with the upper line acting as resistance and the lower line as support. The pattern typically indicates a period of consolidation before a significant price move.

The key characteristic of a symmetrical triangle is that its trendlines approach each other with roughly equal and opposite slopes, causing the trading range to narrow over time. A breakout above the resistance line or below the support line is often interpreted as a signal for a continuation of the prevailing trend.

Martinez shared a chart illustrating the symmetrical triangle that had been shaping XRP’s price action. The data showed XRP trading within this pattern for several months. However, as the trading range tightened in May, a breakout occurred. This breakout, unfortunately for XRP holders, was to the downside, with the price slipping below the established support level.

As per technical analysis principles, a breakdown below the support of a symmetrical triangle can be a bearish indicator, suggesting a continuation of the downward trend. The chart shared by Martinez appears to confirm this, showing bearish momentum persisting since the support level gave way. Based on this pattern and the subsequent price action, Martinez has projected a target of $1.14 for XRP. The market will now watch to see if XRP moves towards this level or if its trajectory reverses.

Long-Term Parallel Channel

Martinez also highlighted that the symmetrical triangle was a short-term pattern. In a separate X post, the analyst drew attention to a longer-term pattern: a parallel channel that XRP’s monthly price has potentially been confined within for years.

A parallel channel consists of two trendlines that run parallel to each other. The chart provided by Martinez indicates that XRP retested the resistance level of this long-term channel in 2025 but was ultimately rejected. Since this reversal, the cryptocurrency has experienced a decline.

Martinez suggested that if XRP continues to respect this parallel channel, the mid-range of the channel, currently around $0.73, could present an attractive accumulation zone.

At the time of reporting, XRP was trading around $1.23, marking a nearly 8% decrease over the past seven days.