finbold.com 
$XRP has been among the standout assets in the short-term market rally, and technical insights suggest the token is positioned for more upside, potentially taking it close to the $2 mark.
Indeed, according to insights by Ali Martinez, the asset has the potential to rally to $1.85 following weeks of consolidation, he said in an X post on March 18.
Notably, as per the outlook, $XRP has formed a symmetrical triangle pattern, defined by a series of lower highs and higher lows.
This structure reflects a period of tightening price action, where neither buyers nor sellers are in full control. Such formations typically precede a decisive breakout, often leading to a sharp directional move once resistance or support is breached.
In this case, $XRP has broken above the triangle’s descending resistance trendline, confirming a bullish breakout. The move is accompanied by a push above the $1.50 region, with the price recently trading around $1.52, suggesting growing upward momentum.
$XRP key price levels to watch
From a technical standpoint, symmetrical triangles signal continuation or reversal based on breakout direction. A move above resistance, as seen here, indicates buyer control and a higher upside probability, with the pattern’s height projecting a target near $1.85.
The analysis shows a prior drop of over 30% followed by prolonged accumulation within the triangle, a shift that strengthens the breakout by signalling absorbed selling pressure. If momentum holds, $XRP could move toward $1.66 and potentially $1.85, while a failed breakout may see a pullback to $1.42–$1.36 support.
Meanwhile, at the current price of around $1.5, the asset is hovering just above a significant options concentration at the $1.40 strike on Deribit, a level that could play a decisive role in near-term price action.
Data shows roughly $14.6 million in open interest at the $1.40 strike, representing about 25% of all $XRP options ahead of the March 27 expiry. Notably, both call and put positions have built up at this level, making it a key zone of liquidity and market focus.
Such a large cluster often acts as a price magnet, as traders adjust positions into expiry. The $1.40 level could therefore serve as strong support, with price likely to gravitate toward it in the short term.
Meanwhile, a put/call ratio of 0.83 signals a modest bullish bias, suggesting traders still lean toward upside despite the concentration below the current price.
If $XRP holds above $1.40, this positioning may reinforce support and allow further gains. However, a break below it could increase volatility and accelerate downside pressure as positions unwind.
$XRP price analysis
By press time, $XRP was trading at $1.49, having dropped by about 1.5% in the past 24 hours, while on the weekly timeframe the token is up 7.5%.
From a technical perspective, $XRP is above its 50-day simple moving average (SMA) at $1.47, which suggests the price still has short-term support and hasn’t fully lost its near-term bullish structure.
However, the much higher 200-day SMA at $2.15 highlights a clear broader downtrend, indicating that $XRP remains under longer-term bearish pressure despite recent stabilization.
On the other hand, the 14-day RSI stands at 59.9, which is neutral but leaning slightly bullish, showing moderate buying strength without entering overbought territory. This suggests there is still room for upside, but the lack of strong momentum means buyers are not yet in full control.
Featured image via Shutterstock
