XRP's Ascending Triangle Has Some Explaining to Do After That 55% Plunge

XRP price could be plotting a quick detour before the main event—a glorious moon mission slated for 2026. Think of it as the crypto equivalent of taking two steps back to sneeze before sprinting a marathon.

On the monthly chart, XRP appears to be forming an ascending triangle pattern—basically the market's way of doing yoga, stretching between a rising lower trendline and a flat upper resistance hovering near $3.32. It's the chart equivalent of someone saying "I dare you."

After testing the pattern's resistance and whiffing on the breakout, XRP dropped more than 55% to trade around $1.35 on April 1. This move confirms the near-term bearish leg within the broader pattern, according to technical analysis from trading expert Ali Martinez. Because of course the triangle had to flex first.

Martinez predicts XRP could be preparing for an additional decline of approximately 30% before a meaningful recovery—a "buy the dip" moment that would make even the most hardened degen crack a smile.

He identifies the multi-year rising logarithmic support trendline as a key level that could halt further downside. This is where the buyers supposedly lurk, like alligators waiting near the drainage pipe.

"If XRP is following this ascending triangle, it could offer a short-term buying opportunity and a strong long-term uptrend," Martinez stated. In crypto, they call this having your cake and eating it too—eventually.

Why the short-term gloom?

The primary driver is reduced capital inflows and declining speculative positioning. US spot XRP exchange-traded funds recorded negative monthly net inflows in March 2026—the first negative month since their November 2025 launch, per SoSoValue metrics. Apparently even ETF degens need to pay their taxes eventually.

Additionally, XRP's Open Interest has declined by over 73% in the past two quarters, hovering around $2.45 billion at time of reporting. That's a lot of leveraged positions crying in the shower.

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