Cryptocurrency analyst Murky Defender revealed the pattern by which the XRP price formed on the daily chart. In his analysis, he emphasized that the $1.95 price level is crucial because it could determine XRP’s next move.

The XRP price forms a descending triangle on the daily chart

In Post XMurky Defender mentioned that the price of XRP has formed descending triangle in the daily time slot. He added that a breakout from this pattern is inevitable as long as $1.95 is protected. The analyst highlighted that the initial targets that XRP could achieve in the event of a price breakout are $2.22, $2.72, $2.90, and $5.85.

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Meanwhile, the key support levels for XRP price are $1.95, $1.88, and $1.63. Based on previous analysis by Murky Defender, XRP could still grow to double-digit levels 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 appeared created earlier in a 4-hour time frame.

Murky Defender stated that the bull flag that has formed on the daily chart is targeting Fibonacci level at $5.85 and approaching $10.1979. The cryptocurrency analyst noted that this is an approach based on historical patterns and the Fibonacci wave. He added that the latest Fibonacci targets are $18, $22 and $36, with no significant targets in between.

The attached analyst chart showed that the XRP price could reach these targets in the first half of 2025. Analyzing the yearly XRP chart, Murky Defender declared that the God’s Candle is waiting for next year. This came after he noted that XRP had a breakout year in 2024, after consolidating for about six years. XRP boasts a year-to-date (YTD) gain of over 228%.

From an RSI perspective

Cryptocurrency analyst Egra Crypto provided insight into XRP price action from a relative strength index (RSI) perspective. The analyst said that 74, 70 and 65 are the three key RSI levels to pay attention to. In the most bullish scenario, he noted that ideally, XRP needs to reach 88 or even 96.5 and above for the RSI curve to continue to trend higher.

Egrag Crypto stated that it would be “incredibly” bullish if the XRP price rebounds from the 74 range. Meanwhile, a drop to 70 could indicate bearish momentum. However, he added that a rebound from this RSI level is necessary for continuation running of the bull.

Similarly, a drop to 65 is also unfavorable for XRP, but until the price of the cryptocurrency falls below this level, a rebound will represent a significant move forward. A cryptocurrency analyst warned that a close below the 65 RSI level could signal the end of the bull market.

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

Featured image created with Dall.E, chart from Tradingview.com