An analyst has recently discussed the potential for XRP to reach the $15 mark if a particular pattern is driving the latest price breakout.
XRP was previously trading within a Symmetrical Triangle, according to a new post by analyst Ali Martinez on X. This pattern forms when an asset consolidates between two trendlines with opposing slopes. The top line connects lower highs, while the bottom line connects higher lows. A breakout above or below these lines can indicate a continuation of the trend.
As the price consolidates within a Symmetrical Triangle, the range narrows until it reaches a point at the apex, making a breakout more likely. This pattern is just one of many in technical analysis, with Ascending and Descending Triangles also being popular variations.
The analyst shared a chart showing XRP trading within a Symmetrical Triangle for years before breaking out. Based on the height of the triangle, a potential bullish target for XRP could be around $15.
However, this target is contingent on XRP following the trajectory dictated by the Symmetrical Triangle pattern. If the coin does reach this level, it would signify a more than 500% increase from its current price.
As of the time of writing, XRP is trading around $2.45, with a 3% increase in the past week. The price chart for XRP can be viewed here.