XRP Price Forms Descending Triangle On The Daily Chart, Why $1.95 Is Important

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	436,907,171,498	Not Mineable

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Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

436,907,171,498

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-25.31	-0.69%	3,630.22	3,630.22	3,630.23

Price Change

Price Change %

Current Price

Bid Price

Offer

-25.31

-0.69%

3,630.22

3,630.23

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,674.92	3,593.46	3,654.93	3,655.53	2,112.00 - 4,109.67

High Price

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52 Week Range

3,674.92

3,593.46

3,654.93

3,655.53

2,112.00 - 4,109.67

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:56:18	0.022145	3,630.22	USD

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GDAX

18:56:18

0.022145

3,630.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
110,935,231.60	30,607.90	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

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Related Pairs

110,935,231.60

30,607.90

XRP Price Forms Descending Triangle On The Daily Chart, Why $1.95 Is Important

31/12/2024 5:00pm

NEWSBTC

Crypto analyst Dark Defender has revealed a pattern in which the XRP price has formed on the daily chart. In his analysis, he highlighted the $1.95 price level as being crucial as it could determine XRP’s next move. XRP Price Forms Descending Triangle On The Daily Chart In an X post, Dark Defender mentioned that the XRP price has formed a descending triangle on the daily time frame. He added that a breakout is imminent in this pattern as long as $1.95 is protected. The analyst highlighted $2.22, $2.72, $2.90, and $5.85 as the initial targets XRP could reach if the price breakout occurs. Related Reading: Ethereum Price Guns For A Mid-High Timeframe Reversal Against Bitcoin In Bullish Q1 2025 Meanwhile, the crucial support levels for the XRP price are $1.95, $1.88, and $1.63. Based on an earlier analysis by Dark Defender, XRP could still rally to double digits in the long term. The analyst highlighted a bull flag that had formed on the daily chart, noting that it was similar to the one that had earlier formed on the 4-hour timeframe. Dark Defender stated that the bull flag that formed on the daily chart targets the Fibonacci Level of $5.85 and penetrates toward $10.1979. The crypto analyst remarked that this is a historical pattern approach and the Fibonacci Wave. He added that the last Fibonacci targets stand at $18.22 and $36, with no significant targets in between. The analyst’s accompanying chart showed that the XRP price could reach these targets in the first half of 2025. While analyzing XRP’s yearly chart, Dark Defender stated that a God Candle awaits next year. This came as he noted that XRP had enjoyed a breakout year in 2024, having consolidated for around six years. XRP boasts a year-to-date (YTD) gain of over 228%. From An RSI Perspective Crypto analyst Egrag Crypto provided insights into the XRP price action from a Relative Strength Index (RSI) perspective. The analyst stated that 74, 70, and 65 are the three key RSI levels to watch out for. In the most bullish scenario, he remarked that XRP needs to ideally reach 88 or even 96.5 and higher for the RSI curvature to continue trending upward. Related Reading: Legendary Analyst Peter Brandt Says Bitcoin Price Could Crash To $78,000, Here’s Why Egrag Crypto said it would be “incredibly” bullish if the XRP price bounces from the 74 range. Meanwhile, a dip to 70 could indicate bearish momentum. However, he added that a bounce from this RSI level is essential for continuing the bull run. Likewise, a dip to 65 is also bearish for XRP, but as long as the crypto doesn’t drop below this level, then a bounce would indicate a significant move ahead. The crypto analyst warned that closing below the 65 RSI level could signal the end of the bull run. At the time of writing, the XRP price is trading at around $2, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

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