XRP has recently breached the lower boundary of a well-watched symmetrical triangle pattern on its daily chart, indicating a shift in market sentiment towards sellers. This technical breakdown suggests that XRP could face further downward pressure in the near term. The supporting evidence appears in the cited X post.
According to crypto analyst Ali Martinez, if the selling momentum persists, XRP’s price could decline to around $1.14. Moreover, longer-term chart analysis points to a potential deeper correction near the $0.73 level, which may act as a significant accumulation zone.
Technical Breakdown Signals Increased Selling Pressure
The symmetrical triangle pattern, characterized by converging trendlines representing support and resistance, had contained XRP’s price action for some time. However, the recent move below the triangle’s lower trendline marks a bearish breakout, signaling that sellers have gained control.
Martinez emphasized on his social media that this breakdown on the daily timeframe is particularly meaningful, as it reflects a decisive loss of support and a potential shift in the prevailing trend.
The breach suggests that XRP is no longer confined within its previous balance area, opening the door for further declines.
Short-Term Target at $1.14, Long-Term Risks Near $0.73
The immediate downside target following this breakdown is $1.14, a level that could come into focus if bearish momentum continues. This price point is not a guaranteed floor but rather a technical objective derived from the pattern’s implications.
Looking beyond the short term, Martinez also highlighted XRP’s long-term price channel, which has guided its movements for years. The monthly chart shows XRP respecting a parallel channel, with the $0.73 area representing the channel’s midline and a potential strong support zone.
A drop to this level would indicate a more significant correction and warrants cautious risk management from investors.
Key Levels to Watch for Potential Recovery
For XRP to reverse the current bearish outlook, it must reclaim the broken triangle support zone. A move back above this level could weaken the downward scenario and possibly trigger a rebound towards the triangle’s resistance line.
Until such a recovery occurs, the technical landscape favors sellers, and traders should monitor daily closing prices closely to assess whether the decline towards $1.14 or even $0.73 will materialize.
