Since the beginning of the year, the price of XRP has increased by 17.91%. The current pause in the price dynamics of XRP seems likely to continue. Over the past 7 days, the cryptocurrency has lost 0.23% in value, while on the daily chart, the price has risen by 1.07%. At the time of this article's publication, XRP was trading at $2.71.
Despite the recent challenges, analysts are generally optimistic that the digital asset still has room for growth. The lengthy legal battle between Ripple Labs and the Securities and Exchange Commission may be nearing its conclusion. Technical analyst Ali Martinez believes that XRP could make an upward move to $15.
In his note on social media platform X, Martinez pointed out the potential formation of a symmetrical triangle.
Unlike most other patterns, this configuration is neither bullish nor bearish by nature. It indicates a period of consolidation, after which the price may experience a sharp breakout in either direction. Such movement occurs when the quotes break out of the two converging trend lines.
To determine the price target, analysts typically measure the "height" of the triangle at its initial stage and add it to the breakout level. The longer the pattern takes to form, the more powerful the price movement is usually after its completion.