If the price of Ripple breaks above the upper boundary of the symmetrical triangle, a rebound may occur.

If the price of Ripple breaks the symmetrical triangle, a rebound may occur.

The price of Ripple is trading within a symmetrical triangle, which is a technical pattern formed by multiple highs and lows connected by two converging trend lines (from early December to early January). This technical pattern has a bullish tendency, and the target is typically obtained by measuring the distance between the first swing high and the first swing low to the breakout point.

On Tuesday, XRP faced rejection at the upper trend line of the symmetrical triangle and fell by 6.15%. As of Wednesday when this article was written, it has slightly recovered, trading at approximately $2.32.

Assuming the breakout occurs on a daily candlestick close above the daily resistance level of $2.56, the technical target obtained from this pattern would be $3.63. Investors should remain cautious about this theoretical trend, as after a 17% rise to retest Ripple's psychologically significant level of $3.00, traders may opt to take profits, which could lead to a slowdown.

The RSI indicator reading is 53, above the neutral value of 50, indicating a strengthening bullish momentum.

However, if XRP closes below the daily support level of $1.96, it will continue the downtrend and retest its next support level of $1.40.