Can XRP price symmetrical triangle breakout drive move to $2?
XRP price moved toward the $1.40 resistance on Tuesday as the broader crypto market recovered alongside easing oil prices.
- XRP price trades near $1.39 after testing $1.41, consolidating as broader crypto markets recover on easing oil prices.
- Symmetrical triangle pattern forms on the daily chart; breakout above $1.45 could target $1.90, with $2 as the next key level.
- Indicators turn supportive as Supertrend flips green and MACD nears bullish crossover, signaling rising upward momentum.
According to data from crypto.news, XRP (XRP) price traded near $1.39 at press time, after briefly touching highs around $1.41 earlier in the session. The altcoin has since been consolidating within the $1.39 to $1.41 range following a rebound linked to reports of progress in U.S.-Iran peace negotiations, despite lingering geopolitical tensions involving the UAE and U.S. naval presence in the region.
Following the developments, oil prices pulled back after recently approaching the $90 per barrel mark, helping improve risk appetite across financial markets.
On the daily chart, XRP price continues to form a symmetrical triangle pattern defined by converging trendlines. A breakout above the upper boundary typically signals a continuation move, while a breakdown below support could extend the consolidation phase.
In XRP’s case, a confirmed breakout above the $1.45 level would validate the pattern and could open the door for a move toward the $1.90 region. This target is derived from the height of the triangle projected from the breakout point and aligns closely with a key Fibonacci retracement level, making it a notable resistance zone.
If bullish momentum sustains beyond that level, XRP could attempt to reclaim the $2 psychological mark.
Momentum indicators are beginning to tilt in favor of buyers. The Supertrend has flipped green, indicating a shift in trend direction, while the MACD is nearing a bullish crossover, suggesting that upward momentum could strengthen if the signal is confirmed.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
