In a recent analysis shared by prominent crypto analyst Dark Defender, XRP appears to have formed a descending triangle pattern on the daily time frame.
This technical chart pattern, commonly recognized in the trading community, often signals a potential upward or downward breakout. The shared chart highlights key support and resistance levels and potential price targets.
Hi all. XRP formed a descending triangle pattern on the daily time frame.
As long as $1.95 is protected,
A breakout is imminent in this pattern.
Initial Targets: $2.22, $2.72, $2.90, $5.85
Supports: $1.95, $1.88, $1.63 pic.twitter.com/tcksQRUDKQ— Dark Defender (@DefendDark) December 30, 2024
Key Takeaways from the Analysis
Dark Defender emphasizes that the critical support level of $1.95 must hold for the bullish scenario to remain valid.
As long as this threshold is protected, a breakout from the descending triangle is anticipated. The projected price targets in the event of an upside breakout are as follows: $2.22, $2.72, $2.90 and $5.85.
On the other hand, the analyst highlights key support levels that could play out if XRP experiences downward pressure: $1.95 (primary support), $1.88, and $1.63.
The analysis points to an imminent breakout, indicating a pivotal moment for XRP’s price trajectory in the coming days or weeks.
Community Reactions
The tweet elicited mixed reactions from the crypto community, reflecting diverse perspectives on XRP’s prospects and technical analysis.
Powman, a long-term XRP holder, expressed skepticism toward the significance of chart patterns, stating: “I don’t give much credence to chart mumbo jumbo. I hold XRP long term because of its utility and use cases. No other crypto comes close.”
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Powman’s viewpoint underscores the fundamental value of XRP, particularly its use cases in cross-border payments and financial technology, rather than relying solely on technical indicators.
In contrast, Grace highlighted her confidence in XRP’s price stability and bullish momentum, asserting: “XRP will not fall below $2. Affected by the RLUSD stablecoin, XRP is driven by it. The new bull market in 2025 is also coming. XRP will start to rise from $2.”
Grace links XRP’s price movement to the RLUSD stablecoin and anticipates broader market factors, such as a new bull cycle in 2025, to drive XRP higher.
Broader Implications
The formation of a descending triangle in XRP’s price action comes at a time when the cryptocurrency market is experiencing heightened volatility and anticipation of a potential bull market in 2025. XRP’s role as a digital asset with established utility and institutional partnerships continues to attract long-term investors and active traders.
As illustrated by Dark Defender, technical analysis offers a framework for short to medium-term price projections. However, as community reactions demonstrate, opinions on the reliance on such patterns versus fundamentals vary widely.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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The post XRP Formed Descending Triangle Pattern, Analyst Says It’s Bullish If This Holds appeared first on Times Tabloid.
