The analyst explained how XRP can end up targeting the $ 15 sign if this style is the ruling behind the latest prices.
XRP was trading inside a similar triangle earlier
In new mail In X, analyst Ali Martinez talked about the place where XRP can then go based on the style of technical analysis (TA). The pattern concerned is a similar triangle, which is formed when one of the assets unifies between two lines approaching each other in almost equal slope.
The upper line of the triangle together connects the highest consecutive levels in the price, and the lower line is higher. As with other TA unification patterns, the previous trend line is likely to provide resistance during the re -test, while the latter supports it. The outbreak of any of these lines can mean the continuation of the direction in this direction. Of course, escaping over the triangle is fasting, while falling under it is declining.
With the combination of the price into a similar triangle, its range becomes narrower over time, until it shrinks to a point at the top. Thus, while the assets travel at the end of the triangle, it can become more likely to find outbreak.
The similar triangle is not the only type of triangle in TA. There are two other common differences: thunderbolt and duplicate triangles, which appear when one of the trend lines is parallel to the time axis. As the names of these patterns already indicate, they involve uniformity towards the net ascension and the negative side, respectively.
Now, here is the graph that the analyst that shows the symmetry triangle that is likely to be trading inside for years before the collapse:
As shown in the graph above, XRP was approaching the top of this long -term similar triangle last year, which means that the penetration became possible. Indeed, with the bull gathering during the past two months of the year, the currency was able to find a pattern break.
In general, the deviations caused by a triple style are supposed to be the same length of the triangle itself. Depending on the rise of this similar triangle, the potential bullish goal can lie in about $ 15 for the encrypted currency.
Of course, this goal will not be preserved unless the path that XRP currently follows really depends on this similar triangle. In the scenario that ends up until the ruling, the bull currency monitors this level, it could have witnessed an increase of more than 500 % of the current price.
XRP price
At the time of this report, XRP floats about $ 2.45, an increase of about 3 % in the past seven days.
