XRP Price Forms Descending Triangle On The Daily Chart, Why $1.95 Is Important
cryptocurrency analyst dark guardian Revealing the pattern formed by XRP price on the daily chart. In his analysis, he emphasized that the $1.95 price level is crucial as it can determine XRP’s next move.
XRP price forms a descending triangle on the daily chart
in a X postsDark Defender mentioned that XRP price has formed descending triangle Within the daily time frame. He added that as long as $1.95 is protected, a breakout of this pattern is imminent. The analyst highlighted that if the price breaks out, the initial targets that XRP could reach are $2.22, $2.72, $2.90, and $5.85.
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Meanwhile, key support levels for XRP price are $1.95, $1.88, and $1.63. XRP could still rise to double digits in the long term, according to early analysis from Dark Defender. The analyst highlighted the bull flag formation on the daily chart, noting that it is similar to previous bull flag formations. formed earlier Within a 4 hour time frame.
The target for the bull flag formed on the daily chart is Fibonacci levels $5.85 and penetrated to $10.1979. The cryptocurrency analyst said this is a historical pattern approach and Fibonacci waves. He added that the final Fibonacci targets are $18.22 and $36, with no major targets in between.
The analyst’s accompanying chart shows that XRP price may reach these targets in the first half of 2025. When analyzing XRP’s annual chart, dark guardian It means that there will be a divine candle waiting next year. He noted that XRP will breakout in 2024 after about six years of consolidation. XRP is up more than 228% year-to-date (YTD).
From an RSI perspective
cryptocurrency analyst Egrag Cryptocurrency Get an in-depth look at XRP price action from a relative strength index (RSI) perspective. The analyst said 74, 70 and 65 are three key RSI levels to watch. He stated that in the most optimistic scenario, XRP would ideally need to reach 88 or even 96.5 and above for the RSI curvature to continue trending upward.
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Egrag Crypto said it would be “incredibly” bullish if XRP price rebounded from the 74 range. Meanwhile, a drop to 70 could signal bearish momentum. However, he added that a rebound from this RSI level would be critical to continue bull market.
Likewise, a drop to 65 would be bearish for XRP, but as long as the cryptocurrency does not fall below that level, a rebound would indicate significant moves ahead. The cryptocurrency analyst warned that a close below the 65 RSI level could signal the end of the bull market.
According to data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
