XRP price faces potential decline toward $1.14 after breaking below a key technical pattern, according to market analysis. The cryptocurrency was trading at $1.26, down 2.8% over 24 hours, with technical indicators suggesting bearish momentum remains intact.
Cryptocurrency analyst Ali Martinez shared a daily chart indicating that XRP has broken down below a symmetrical triangle. Martinez stated that XRP price is currently moving toward his previously identified target of $1.14, which would represent approximately a 10% drop from current levels.
Technical analysts generally view such breakdowns as bearish, particularly following extended periods of negative price action. The pattern suggests a potential decline from the current trading price.
Market data shows XRP trading below both its 50-day and 200-day moving averages, favoring a bearish outlook. The Relative Strength Index is nearing oversold territory, indicating intensified selling pressure.
A key support level at $1.32 was recently breached, remaining a significant factor for the price. Failure to reclaim this level could lead to further short-term bearish movement for the asset.
While an oversold condition could prompt a temporary relief rally, the overall trend remains weak below major resistance levels. Continued bearish momentum may result in a move toward the $1.14 target identified by the analyst.
