XRP price forms a descending triangle on the daily chart, why $1.95 is important

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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 described the $1.95 price level as important as it could determine XRP’s next move.

XRP price forms a descending triangle on the daily chart

in one X postDark Defender mentions that the XRP price has a descending triangle On a daily basis. He added that a breakout is imminent in this pattern as long as $1.95 is safe. The analyst highlighted $2.22, $2.72, $2.90, and $5.85 as initial targets XRP could reach if the price breaks.

Meanwhile, important support levels for XRP price are $1.95, $1.88, and $1.63. Based on an earlier analysis by Dark Defender, XRP could still reach double digits in the long run. The analyst highlighted a bull flag that formed on the daily chart, noting that it was similar to what C. Created earlier on a 4-hour timeframe.

Dark Defender said that a bull forming on the daily chart targets the flag Fibonacci levels of $5.85 and moves towards $10.1979. Crypto analyst commented that this is a historical pattern approach and Fibonacci wave. He added that the last Fibonacci targets are $18.22 and $36, with no significant targets between them.

The accompanying chart from the analyst showed that the XRP price could reach these targets in the first half of 2025. Analyzing the yearly chart of XRP, Dark defender Said a god candle awaits next year. This came as he noted that XRP had enjoyed a breakout year in 2024, consolidating for nearly six years. XRP boasts a year-to-date (YTD) gain of over 228%.

From an RSI perspective

Crypto Analyst Egrag Crypto Provides insight into XRP price action from a Relative Strength Index (RSI) perspective. The analyst said that 74, 70, and 65 are three key RSI levels to watch out for. In the most bullish scenario, he commented that XRP ideally needs to reach 88 or 96.5 for the RSI curve to continue the upward trend.

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Egrag Crypto said it would be “incredibly” bullish if the XRP price bounces off the 74 range. Meanwhile, a decline of up to 70 may indicate the pace of recession. However, he added that a bounce from this RSI level is necessary to continue The bull runs.

Similarly, a drop to 65 for XRP is also bearish, but unless the crypto falls below this level, then a bounce would signal a significant move ahead. Crypto analysts warned that a close below the 65 RSI level could signal the end of the bull run.

At the time of writing, XRP price is trading at around $2, down 3% in the last 24 hours, according to data From CoinMarketCap.