Analyst Dark Defender’s symmetrical triangle breakout strategy: XRP’s daily chart is forming a symmetrical triangle, with price squeezed back and forth within the range as volatility keeps narrowing. Near the apex, it usually has to pick a direction within 24 hours—break above the upper trendline and continue upward, or fall below the lower trendline and keep searching for a bottom.
The current price is 1.43, down 4.8% over 24 hours. It has already fallen below the 1.52 consolidation midpoint, effectively reaching the triangle’s lower boundary ahead of time. Based on the current price, 1.52 is the level to watch overhead; it was the former midpoint, and price needs to reclaim it for a breakout to be confirmed. Support below is at 1.38. The triangle breakout to the upside is only valid if price reclaims 1.52 on strong volume.
#XRP
The current price is 1.43, down 4.8% over 24 hours. It has already fallen below the 1.52 consolidation midpoint, effectively reaching the triangle’s lower boundary ahead of time. Based on the current price, 1.52 is the level to watch overhead; it was the former midpoint, and price needs to reclaim it for a breakout to be confirmed. Support below is at 1.38. The triangle breakout to the upside is only valid if price reclaims 1.52 on strong volume.
#XRP