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Crypto analyst Dark defender has revealed a pattern in which the XRP price has formed on the daily chart. In his analysis, he emphasized that the $1.95 price level is crucial as it could determine XRP’s next move.
XRP price forms a descending triangle on the daily chart
In one X messagesaid Dark Defender that the XRP price is a descending triangle on the daily time frame. He added that a breakout is likely in this pattern as long as $1.95 remains 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. Based on previous analysis from Dark Defender, XRP could still rise to double digits in the long term. The analyst highlighted a bull flag that had formed on the daily chart and noted that it was similar to the bull flag that had formed previously formed on the 4 hour time frame.
Dark Defender stated that the bull flag that formed on the daily chart focuses on the Fibonacci level from $5.85 and penetrates to $10.1979. The crypto analyst noted that this is a historical pattern approach and the Fibonacci wave. He added that the latest Fibonacci targets are $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. When analyzing the annual chart of XRP came up Dark defender stated that a God Candle awaits next year. This came as he noted that XRP had had a breakout year in 2024, after being consolidated for about six years. XRP boasts a year-to-date (YTD) gain of over 228%.
From an RSI perspective
Crypto analyst Egra Crypto provided insight into XRP price action from a Relative Strength Index (RSI) perspective. The analyst stated that 74, 70 and 65 are the three most important 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 above before the RSI curve continues to trend upward.
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Egrag Crypto said it would be “incredibly” bullish if the XRP price bounces out of the 74 range. Meanwhile, a dip to 70 could indicate bearish momentum. However, he added that a recovery from this RSI level is essential to continue the bull run.
Likewise, a dip to 65 is also bearish for XRP, but as long as the cryptocurrency does not fall below this level, a rebound would indicate a significant move forward. The crypto analyst warned that a close below the RSI level of 65 could signal the end of the bull run.
At the time of writing, the XRP price is trading around $2, down over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
