Crypto analyst Dark Defender has identified a descending triangle formation on XRP's daily chart. The $1.95 price level is crucial as it may dictate XRP’s next trajectory. According to the analysis, a breakout is imminent if this level holds.
In a recent post, Dark Defender emphasized the descending triangle pattern, predicting potential price targets of $2.22, $2.72, $2.90, and $5.85 if the breakout materializes. Support levels identified include $1.95, $1.88, and $1.63. Dark Defender anticipates a possible rally to double digits in the long term.
He referred to a bull flag on the daily chart, which he compared to earlier patterns observed on the 4-hour chart.
The bull flag targets the Fibonacci Level at $5.85, potentially pushing toward $10.1979. This analysis is grounded in historical patterns and Fibonacci Wave theory. The long-term Fibonacci targets are set at $18.22 and $36. Dark Defender’s chart suggests these targets could be reached in early 2025. He also predicts a pivotal move in 2025 following XRP’s breakout success in 2024, noting a YTD gain of over 228%.
From an RSI perspective, crypto analyst Egrag Crypto shed light on XRP’s price dynamics. Key RSI levels are set at 74, 70, and 65. The ideal bullish scenario requires reaching 88, possibly even surpassing 96.5. A bounce from 74 indicates strong bullish momentum. A dip to 70, however, might suggest bearish tendencies unless a bounce occurs, prolonging the upward trend.
Similarly, a drop to 65 also hints at bearish pressure, but a subsequent rebound could signal a robust move. Closing below 65 could end the bull run, according to the analyst. At present, XRP is trading at approximately $2, reflecting a 3% decline in the last 24 hours, based on CoinMarketCap data.
