A cryptocurrency analyst has pointed out how support could lie between the $0.60 and $0.90 levels for XRP, based on this technical analysis (TA) pattern.

XRP Could Be Moving Inside An Ascending Triangle

In a new on X, analyst Ali Martinez has shared a TA pattern forming in the monthly price chart of XRP. The pattern in question is an , which is a type of triangle. Triangles form whenever an asset’s price trades between two converging trendlines, with the upper level acting as a source of resistance, while the lower one that of support.

The main characteristic of an Ascending Triangle is that the upper line is parallel to the time-axis. This means that as the asset travels through the channel, its consolidation range shrinks to an upside.

Generally, breaks out of a triangle can imply the start of a sustained move. A surge above the resistance can be a bullish sign, while a drop under the support a bearish one. In Ascending Triangles, the upward bias suggests that a breakout may be more probable to occur in the up direction.

Similar to the Ascending Triangle, there is also a pattern called the in TA. This channel works much in the same way, with the key difference being that the bottom level is the one parallel to the time-axis instead. Thus, as the price moves through this pattern, its range shrinks down.

Now, here is the chart shared by Martinez that shows the Ascending Triangle that the 1-month price of XRP has been stuck inside over the past few years:

As displayed in the above graph, the monthly XRP price retested the upper ceiling of the Ascending Triangle last year, but it ended up finding rejection. The coin has since witnessed a significant drawdown.

Currently, it’s unclear whether the bearish momentum in the cryptocurrency will advance further, but in the event that it does, a retest of the lower level might occur. “XRP could find support along the triangle’s hypotenuse between $0.90 and $0.60,” explained the analyst. This line has so far acted as a cushion for XRP a few times, including during the lows of the .

It now remains to be seen if the asset will retest the support line in the near future or if it will find a rebound before one can occur.

XRP Price

At the time of writing, XRP is trading around $1.4, down nearly 5% over the last 24 hours.