XRP Breaks Below Triangle—Will Drawdown Extend To $1.14?
XRP has broken below a symmetrical triangle pattern on its daily chart, with analyst Ali Martinez targeting a potential drawdown to $1.14. The cryptocurrency is currently trading at $1.23, down 8% over the past week, and faces additional resistance at a longer-term parallel channel resistance level that was rejected in 2025.
XRP's breakdown from a symmetrical triangle represents a significant technical development for short-term traders monitoring the asset's price action. The symmetrical triangle, which formed over several months, represents a consolidation phase where buyer and seller interest converged. The breakdown through the lower support trendline in May signals continuation of downward pressure, a bearish technical signal that Martinez has translated into a $1.14 price target—roughly 7% below current levels.
The broader context reveals XRP remains constrained within a longer-term parallel channel on monthly timeframes that has defined price movement for years. The asset's rejection at the upper channel resistance in 2025 initiated the current decline, suggesting institutional-level selling pressure at key technical levels. This multi-timeframe bearish alignment—daily breakdown coupled with monthly resistance rejection—creates a confluence of technical factors pointing toward lower prices.
For traders and investors, these technical formations matter because they historically predict price movement direction with meaningful accuracy. The $1.14 target represents a natural continuation point based on pattern geometry, while Martinez also identifies $0.73 as a potential accumulation zone near the parallel channel's midline. Current market participants face a decision: whether to hold through anticipated drawdowns, reduce exposure, or await confirmation at technical support levels.
The key variable going forward is whether XRP respects these technical levels or breaks the established patterns. Price action at $1.14 and $0.73 will determine if the bearish thesis holds or if buyers step in to reverse momentum. Weekly closes above the broken symmetrical triangle support could invalidate the bearish setup entirely.
- →XRP broke below a symmetrical triangle pattern, triggering a downward continuation target of $1.14
- →A longer-term monthly parallel channel shows rejection at resistance in 2025, confirming multi-timeframe weakness
- →Current price of $1.23 is down 8% in seven days, with potential support at $0.73 midline
- →Technical analysis suggests 7% downside to $1.14 if the breakdown pattern holds
- →Pattern breaks at either target level could invalidate the bearish thesis and signal reversal