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Cryptographic analyst dark defender has revealed a pattern that the XRP price has formed on the daily chart. In his analysis, he highlighted the $1.95 price level as crucial as it could determine XRP’s next move.
XRP Price Forms Descending Triangle on Daily Chart
in a x publicationDark Defender mentioned that XRP price has formed a descending triangle in the daily time frame. He added that a breakout is imminent in this pattern as long as $1.95 is protected. The analyst highlighted $2.22, $2.72, $2.90, and $5.85 as the initial targets that XRP could reach if the price breakout occurs.
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Meanwhile, the crucial support levels for XRP price are $1.95, $1.88, and $1.63. According to a previous analysis by Dark Defender, XRP could still reach double digits in the long term. The analyst highlighted a bullish flag that had formed on the daily chart and noted that it was similar to the one that had formed previously formed within 4 hours.
Dark Defender stated that the bullish flag that formed on the daily chart points to the Fibonacci level of $5.85 and penetrates towards $10.1979. The cryptanalyst commented that this is a historical pattern approach and the Fibonacci Wave. He added that the latest Fibonacci targets sit at $18.22 and $36, with no significant targets in between.
The analyst’s accompanying chart showed that XRP price could reach these targets in the first half of 2025. Analyzing the yearly chart of XRP, dark defender He stated that next year a Divine Candle awaits him. This came as he noted that XRP had enjoyed a big year in 2024, having consolidated for about six years. XRP boasts a year-to-date (YTD) gain of over 228%.
From an RSI perspective
Cryptographic analyst Egrag Crypto provided insight into the XRP price action from the Relative Strength Index (RSI) perspective. The analyst stated that 74, 70 and 65 are the three key RSI levels to watch out for. In the most bullish scenario, he commented that the ideal is for XRP to reach 88 or even 96.5 or higher so that the RSI curvature continues its upward trend.
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Egrag Crypto said it would be “incredibly” bullish if XRP price rebounds from the 74 range. Meanwhile, a drop to 70 could signal bearish momentum. However, he added that a bounce from this RSI level is essential to continue. the confinement.
Likewise, a drop to 65 is also bearish for XRP, but as long as the crypto does not fall below this level, a bounce would indicate a significant advance. The crypto analyst warned that closing below the 65 RSI level could signal the end of the bull run.
At the time of writing, XRP price is trading at around $2, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
