$XRP Ripple price could rally if it breaks above the symmetrical triangle pattern
Ripple price trades inside a symmetrical triangle, a technical pattern formed by connecting multiple high and low with two converging trendlines (from early December to early January). This technical pattern has a bullish bias, and the target is generally obtained by measuring the distance between the first swing high and the first swing low to the breakout point. On Monday, Ripple trades at $2.42, approaching the triangle’s upper trendline.
Assuming the breakout happens by closing a daily candlestick above the daily resistance level at $2.56, the technical target obtained by this pattern would be $3.63. Investors should be cautious of this theoretical move as it could face a slowdown after a 17% rally to retest Ripple’s psychological importance level of $3.00 as traders could opt to book profits.
The RSI indicator reads 58, above its neutral value of 50, indicating a rise in bullish momentum. Additionally, the MACD indicator is above to flip a bullish crossover on the daily chart, signaling an upward trend on the horizon.
XRP/USDT daily chart
However, if XRP closes below the $1.96 daily support level, it would extend the decline to retest its next support level at $1.40.
