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XRP is testing a potential bullish breakout from a symmetrical triangle pattern, with a move above $1.50 viewed as a key trigger. The $1.50 level has held below XRP for the past five weeks.
According to crypto.news data, XRP fell 3% to an intraday low of $1.41 on Thursday. At that level, the token is 40% below its year-to-date high of $2.36.
Technically, XRP has been forming a symmetrical triangle pattern on the daily chart since the beginning of February. In this setup, a breakout from the upper trendline typically signals continuation of the prior uptrend, while a breakdown below the lower support suggests further bearish momentum.
XRP is trading near the upper trendline of the triangle, and several indicators suggest increasing buying pressure.
XRP was also trading close to the 23.6% Fibonacci retracement level at $1.42. If the triangle breakout develops as expected, the article suggests XRP could rally toward $1.61, which aligns with the next Fibonacci retracement level.
On the downside, the bullish thesis would be invalidated if XRP loses the $1.20 support level. In that case, the article notes a deeper correction could follow, potentially toward the psychological $1.00 level.
The article attributes broader pressure on XRP and the wider crypto market to geopolitical tensions that have reduced investor appetite for risk assets, even as the chart setup points to a different technical direction.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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