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Cryptographic analyzer Dark Defender It revealed a pattern in which the price of XRP has formed on the daily chart. In his analysis, he highlighted the $1.95 price level as crucial as it could determine the next move for XRP.
XRP price is forming a descending triangle on the daily chart
in Share XDark Defender reported that the price of XRP has formed a level Descending triangle On the daily time frame. He added that a breakout is imminent in this pattern as long as the $1.95 level is protected. The analyst highlighted $2.22, $2.72, $2.90, and $5.85 as initial targets that XRP could reach in the event of a price breakout.
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Meanwhile, the crucial support levels for XRP price are $1.95, $1.88, and $1.63. Based on previous analysis by Dark Defender, XRP could still rise to double digits in the long term. The analyst highlighted the bullish flag that had formed on the daily chart, noting that it was similar to the one that had formed formed earlier On the 4 hour time frame.
Dark Defender stated that the bullish flag formed on the daily chart is targeting a level Fibonacci level From $5.85 and penetrates towards $10.1979. Cryptocurrency analyst noted that this is a historical pattern and Fibonacci wave approach. He added that the latest Fibonacci targets stand at $18.22 and $36, and there are no important targets in between.
The accompanying analyst chart showed that the price of XRP could reach these targets in the first half of 2025. While analyzing the annual chart of XRP, Dark Defender He stated that God’s candle is waiting for next year. This came as he noted that XRP enjoyed a breakout year in 2024, after being consolidated for about six years. XRP boasts year-to-date gains of over 228%.
From the perspective of the Relative Strength Index
Cryptographic analyzer Perform encryption Provided insights into XRP price movement from the perspective of the Relative Strength Index (RSI). The analyst stated that 74, 70 and 65 are the three main RSI levels to pay attention to. In the most bullish scenario, he noted that XRP would ideally need to reach 88 or even 96.5 and higher for the RSI curvature to continue to the upside.
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Egrag Crypto said it would be “incredibly” bullish if XRP price rebounds from the 74 range. Meanwhile, a decline to the 70 level could indicate bearish momentum. However, he added that a bounce from this RSI level is necessary to continue Bull race.
Likewise, a drop to 65 is also bearish for XRP, but as long as the cryptocurrency does not fall below this level, a bounce will indicate a significant move forward. Cryptocurrency analyst warned that a close below the 65 level of the RSI could signal the end of the uptrend.
At the time of writing, the price of XRP is trading at around $2, down over 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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