If this pattern works, the XRP target could be $15, analysts say

Analysts explained how XRP targets the $15 mark if this pattern is the governance pattern behind the latest price breakout.

XRP previously traded within a symmetrical triangle

In a new post for X, analyst Ali Martinez spoke about where XRP is heading next, based on technical analysis (TA) patterns. The pattern in question is a symmetrical triangle. This is formed when assets merge between two trend lines approaching each other with approximately equal opposite slopes.

The top row of the triangle connects the highest values ​​at the bottom of the consecutive bottom, and the one high and low value at the bottom. Like other TA integration patterns, the former trendline may provide resistance during retest, while the latter does. Getting out of any of these lines could mean a continuation of the trend in that direction. Naturally, the escape above the triangle is bullish, but the one falls below it is bearish.

Once prices are integrated inside a symmetrical triangle, their range narrows over time until they shrink to the point of vertex. Therefore, if the asset moves towards the end of the triangle, you are more likely to find a breakout.

Symmetric triangles are not just the types of triangles that exist in TA. The other two common variations are the rising and falling triangles. This appears when one of the trend lines is parallel to the time axis. As the names of these patterns already suggest, they each involve consolidation towards net profits and shortcomings.

Well, here’s the charts shared by analysts. This shows a symmetrical triangle that XRP was traded internally for years before the breakout.

As shown in the graph above, XRP was approaching the vertex of this long-term symmetric triangle last year. This means that there was a greater chance of a breakout. And certainly, during the final months of the year, at Bull’s rally, Coin managed to find a break on the pattern.

In general, breakouts caused by patterns of triangles are assumed to be the same length as the height of the triangle itself. Based on this symmetrical triangle height, a potential bullish target could be around $15 for cryptocurrency.

Naturally, this target is only preserved if the trajectory currently followed by XRP is really based on this symmetrical triangle. In the scenario where the pattern is ultimately governance and the coin observes bull runs up to this level, it would have increased by more than 500% from the current price.

XRP Price

At the time of writing, XRP was around $2.45, an increase of about 3% over the past seven days.