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Crypto analyst Black Defender revealed the pattern in which the price of XRP formed on the daily chart. In his analysis, he highlighted the $1.95 price level as important as it could determine XRP’s next move.
XRP Price Form Descending Triangle on Daily Chart
In an X postDark Defender mentioned that the price of XRP has made a descending triangle on a daily schedule. 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 target XRP could reach if a price breakout occurs.
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Meanwhile, the key support levels for XRP price are $1.95, $1.88, and $1.63. Based on Dark Defender’s previous analysis, XRP is still capable of compounding double digits in the long term. The analyst highlighted the bull flag that had formed on the daily chart, noting that it was similar to pre-built during 4 hours.
Dark Defender said the bull flag forming on the daily chart is targeting the Fibonacci level of $5.85 and goes straight to $10.1979. A crypto analyst noted that this is the path of the historical pattern and the Fibonacci Wave. He added that the final Fibonacci targets stand at $18.22 and $36, with no significant targets in between.
The accompanying chart from the analyst showed that the price of XRP could reach these goals in the first half of 2025. While analyzing the yearly chart of XRP, Black Defender he said God’s Candle is expected next year. This came as he noted that XRP has enjoyed a breakout year in 2024, having rallied for nearly six years. XRP boasts a year-to-date (YTD) gain of over 228%.
From the RSI perspective
Crypto analyst Crypto currency provided insights into XRP’s price action from the perspective of the Relative Strength Index (RSI). The analyst said that 74, 70, and 65 are three important RSI levels to watch out for. In the best case scenario, note that XRP needs to reach 88 or even 96.5 and above for the RSI curve to continue trending upwards.
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Egrag Crypto said it would be incredibly “bullish” if the XRP price bounces off the 74 level. Meanwhile, a dip to 70 would indicate bearish momentum. However, he added that a bounce from this RSI level is important to continue the bull runs.
Likewise, a dip to 65 is also bearish for XRP, but as long as the crypto does not fall below this level, then a bounce could indicate a significant move ahead. A crypto analyst warned that a close below the 65 RSI level could signal the end of the bull run.
At the time of writing, the price of XRP is trading around $2, down more than 3% in the last 24 hours, according to the report. the data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com