An analyst has pointed out how the breakout from this multi-year long XRP triangle pattern could point to a massive bullish target for the asset’s price.
XRP Has Been Shooting Up Since Breaking Out Of This Triangle
In a new post on X, analyst Ali Martinez has talked about a multi-year technical analysis (TA) pattern in XRP’s weekly price chart. The pattern in question is a triangle, which forms whenever an asset trades between two converging trendlines.
The upper line of the pattern is likely to provide resistance, while the lower one support. A break out of either of these levels can hint at a continuation of trend in that direction; a surge above the triangle can be a bullish signal, while a drop under it a bearish one.
Triangles can be of a few types, with three popular ones being the ascending, descending, and symmetrical variations. The orientation of the trendlines decides which category a specific triangular channel belongs to.
One trendline being parallel to th
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