XRP price is eyeing a bullish breakout from a symmetrical triangle pattern that could position it for a breakout above $1.50, a level it has remained below for the past 5 weeks.
According to data from crypto.news, XRP (XRP) price fell 3% to an intraday low of $1.41 on Thursday. At this price, the token is 40% below its year-to-date high of $2.36.
While the token, along with the broader crypto market remain under intense pressure from geopolitical tensions that have reduced investor appetite for risk assets, its charts tell a different story.
On the daily chart, it has steadily been forming a symmetrical triangle pattern since the beginning of February. The formation is a decisive technical setup where a breakout from the upper trendline tends to signal a continuation of the previous uptrend, while a breakdown below the lower support suggests further bearish momentum.
In XRP’s case, it is trading closer to the upper trendline, with technical indicators suggesting bulls could successfully initiate a breakout from it.
Notably, the supertrend indicator has recently flipped green for the first time since late January. When this metric turns green, it means that the prevailing market trend has shifted from bearish to bullish.
Meanwhile, the MACD lines have pointed upwards, a sign that buying momentum is increasing and a bullish crossover is likely imminent.
XRP price was also trading close to the 23.6% Fibonacci retracement level at $1.42. Hence, XRP could potentially stage a bullish breakout from the triangle pattern and successively rally toward $1.61, which aligns with the next Fibonacci retracement level in the series.
On the contrary, if XRP price loses the $1.2 support, the bullish thesis would be invalidated and could lead to a deeper correction toward the psychological $1.00 level.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
