XRP Analyst Identifies Key Support Level at $0.90
A cryptocurrency analyst has drawn attention to the $0.90 mark for XRP, noting its alignment with a significant long-term support level within the asset’s monthly price chart.
XRP Potentially Following Long-Term Ascending Triangle Pattern
In a recent post on the social media platform X, analyst Ali Martinez shared a technical analysis of XRP’s monthly price action, identifying a channel that appears to be forming a specific chart pattern. The pattern consists of two trendlines: a horizontal upper boundary and a lower boundary that slopes upward. This type of converging trendline formation is commonly known as a triangle.
Specifically, Martinez has identified this as an Ascending Triangle. The upward slope of the lower trendline indicates that as XRP’s price trades within this pattern, its trading range narrows, with a net upward bias. This characteristic is the reason for the “ascending” designation.
As is typical with consolidation patterns in technical analysis, the upper trendline of an Ascending Triangle acts as resistance, while the lower trendline serves as support. A decisive break above either boundary could signal a continuation of the trend in that direction.
The chart provided by Martinez illustrates the Ascending Triangle that XRP’s monthly price has been trading within for the past several years. The data shows that XRP’s monthly price retested the Ascending Triangle’s resistance level last year but was subsequently rejected. Since that point, the cryptocurrency has experienced a significant price decline, and its current price is now closer to the lower boundary than the upper one.
Martinez has extended the current trajectory on the chart to project a potential path for XRP in the coming months. This projection suggests that XRP could retest the lower trendline, which is situated around the $0.90 level.
“I’m watching $0.90 closely on $XRP,” Martinez stated. “If price gets there, I think it could offer a compelling long-term buying opportunity.”
It remains to be seen whether XRP’s current bearish trend will persist long enough for this support level to be tested.
Other Consolidation Patterns and Ethereum’s Trajectory
Triangles are not the only category of consolidation patterns in technical analysis. Another major group includes Parallel Channels, characterized by two parallel trendlines. In a separate post on X, Martinez highlighted that Ethereum has been trading within such a channel on its weekly timeframe. The chart indicates that Ethereum has moved approximately 75% of the way down this channel during its recent price correction. The next significant level for Ethereum is identified at $1,096, which corresponds to the bottom trendline of its parallel channel.
XRP’s price recently dipped to a low of $1.05 before experiencing a modest rebound to $1.15.
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