XRP Price Forms Descending Triangle with $1.95 as Key Level
Crypto analyst Dark Defender identified a critical price level of $1.95 for XRP, which could influence its future movements.
XRP Price Forms Descending Triangle On The Daily Chart
In an X post, Dark Defender noted that XRP has formed a descending triangle on the daily chart. A breakout is anticipated as long as the $1.95 level holds. Target levels for potential gains include $2.22, $2.72, $2.90, and $5.85 if a breakout occurs.
Key support levels are $1.95, $1.88, and $1.63. Dark Defender suggested XRP could reach double digits in the long term, referencing a bull flag on the daily chart similar to one seen on the 4-hour timeframe. This bull flag targets the Fibonacci Level of $5.85 and extends towards $10.1979. Historical patterns indicate Fibonacci targets at $18.22 and $36 with no significant targets in between.
The analysis suggests these targets could be reached in the first half of 2025. Dark Defender also pointed out XRP's breakout year in 2024 after six years of consolidation, with a year-to-date gain exceeding 228%.
From An RSI Perspective
Analyst Egrag Crypto analyzed XRP's price action through the Relative Strength Index (RSI), identifying key levels at 74, 70, and 65. For a bullish scenario, XRP should ideally reach 88 or higher to maintain upward momentum.
A bounce from the 74 range would be significantly bullish, while a drop to 70 could indicate bearish momentum. A bounce from this level is crucial for sustaining the bull run. A decline below 65 could signal the end of the bull trend.
As of now, XRP is trading around $2, down over 3% in the last 24 hours, according to CoinMarketCap.
