XRP News Today: XRP Could Surge 500% to $15 if Symmetrical Triangle Pattern Holds

An analyst has explained how XRP could potentially reach the $15 mark if a specific technical pattern is in play. According to the analyst, XRP has been trading within a Symmetrical Triangle pattern, which is a technical analysis (TA) formation that occurs when an asset consolidates between two trendlines converging at roughly equal and opposite slopes.

The top line of the triangle connects successive lower highs in the price, while the bottom line connects higher lows. These trendlines act as resistance and support levels, respectively. A breakout above the triangle is considered bullish, while a breakdown below it is bearish. As the price consolidates within the triangle, the range narrows, increasing the likelihood of a breakout as the asset approaches the apex.

There are other types of triangle patterns in TA, such as Ascending and Descending Triangles, which involve consolidation toward a net upside or downside, respectively. However, the Symmetrical Triangle is the pattern in question for XRP. The analyst shared a chart showing that XRP was trading within this long-term Symmetrical Triangle for years before a breakout occurred last year.

The breakout from the Symmetrical Triangle is assumed to be of the same length as the height of the triangle itself. Based on the height of this pattern, a potential bullish target for XRP could be around $15. This target is contingent on the trajectory of XRP being governed by this Symmetrical Triangle. If the pattern holds and XRP experiences a bull run to this level, it would represent an increase of over 500% from the current price.

At the time of writing, XRP is trading around $2.45, up approximately 3% in the last seven days. The recent price movement suggests an upward trend, which aligns with the potential bullish target predicted by the Symmetrical Triangle pattern. However, it is important to note that this target is based on the assumption that the pattern continues to govern XRP's price movement.

Ask Aime: What's the upside potential for XRP as it approaches the $15 mark?