XRP has been making headlines lately as analysts predict a potential price target of $15 based on a Symmetrical Triangle pattern that the coin has been following. This pattern, as explained by analyst Ali Martinez in a recent post on X, is a technical analysis formation that occurs when an asset consolidates between two trendlines of roughly equal and opposite slope.
The Symmetrical Triangle pattern is characterized by a narrowing range as the price moves towards the apex of the triangle. As the asset approaches the end of the pattern, a breakout becomes more likely. In the case of XRP, the breakout above the Symmetrical Triangle last year led to a bullish rally that could potentially push the price towards the $15 mark.
The chart shared by the analyst illustrates the Symmetrical Triangle that XRP was trading inside for years before the breakout occurred. This breakout is expected to be of a similar length to the height of the triangle, indicating a potential 500% increase in price if XRP reaches the $15 target.
Currently, XRP is trading around $2.45, showing a 3% increase in the last seven days. The price chart for XRP reflects the recent bullish momentum that could potentially lead to a significant price surge if the Symmetrical Triangle pattern continues to govern the coin’s trajectory.
In conclusion, XRP’s potential target of $15 is based on a technical analysis pattern that suggests a bullish breakout in the near future. As the coin continues to show positive price movement, investors and traders are keeping a close eye on XRP’s performance in anticipation of reaching this significant milestone.