XRP Bullish Rally? The Symmetrical Triangle Tease

NOIDA (CoinChapter.com) — XRP price has had a dismal run so far in 2024, but a Symmetrical Triangle pattern teases a possible XRP Bullish rally. While its peers have charted new record highs, the Ripple token is up by only 1.5% year-to-date on April 8. However, that has not deterred bulls from being, well, bullish on the XRP price action.

The Ripple token is close to recovering its losses in April after rallying nearly 12% since April 4 to reach a daily high near $0.626.

Bullish Prediction From Analyst Seems Skewed

An independent crypto analyst, ‘Captain Faibik,’ shared a bullish post on X highlighting that XRP prices have formed a technical pattern called the ‘Symmetrical Triangle.‘

A series of lower highs and higher lows converge to a point as the pattern develops over time, giving the pattern its triangular appearance.

However, it would be wise to take a pause here and reflect: Are these lines the harbingers of a bull run, or are they the financial equivalent of reading tea leaves—open to interpretation and equally likely to lead to fortune as well as ruin?

The symmetrical triangle is notorious for its impartiality, breaking upward or downward with a capriciousness that defines the essence of trading crypto assets. Yet, Faibik seems certain that XRP will definitely, for sure, without a doubt, with 100% certainty, break upwards out of the pattern.

Talk about bullish predictions for XRP!

Anybody who is even hours old in the world of crypto knows that there is no such thing as 100% in the sector. Even the strongest of bullish cues could result in a 0.5% spike, while a mere sneeze from an electric car-making and space-faring billionaire can drive the price of a coin up by 50%.

Hence, the symmetrical triangle’s dual potential is a reminder that, though hope can fuel market sentiment, it should not eclipse a balanced investment strategy.

As such, even the most bullish XRP supporters should take a step back and ponder if the pattern is a master’s latest iteration of the market or merely a child’s hopeful finger painting screaming “to the moon” at the top of its lungs.

XRP Bullish Rally Continues

XRP price continued its rally on April 8, spiking over 6.5% from the day’s low near $0.588 while breaking above 20-day and 50-day EMA trendlines. Should the analyst’s bullish prediction come true, XRP price could rise to resistance near $0.64

Breaking and consolidating above the immediate resistance might help the Ripple token rally to the 0.786 FIB resistance near $0.68 before paring gains.

On the other hand, should the rally fail, XRP risks a drop to the 100-day EMA (blue wave) support near $0.59. Moreover, breaching the immediate support could result in the Ripple token dropping to the 0.236 FIB support level near $0.56 before recovering.

The relative strength index, or RSI, for XRP remained neutral, scoring 52.84 on the daily charts.