XRP Chart Forms Familiar Pattern Ahead of January Developments

Events prior to January fueled a familiar pattern of the XRP chart identified by traders and analysts.

‘Death crosses’ in the XRP chart

XRP entered a triangular range shortly after reaching a high of $1.34 on November 10 of last year. Although it recovered towards the end of 2021, it was unable to close above the $1.01 high on December 23. At the time of publication, XRP consolidated at USD 0.83, up 1.08% on the day.

A bullish breakout above a triangle pattern could yield an 18% gain, taking it above $1.10. XRP could then retest the $1.41 high. If the bulls capitulate, the USD 0.76 will remain at the immediate support level.

Trading Display
XRP/USD daily chart. Source: TradingView

Apart from that, a well-known pattern has emerged on the XRP chart, with the MA 50 crossing below the MA 200. This is a warning that most experts consider a bear market indicator. “Death crosses” are considered a lagging indicator. The market is usually oversold by the time the crossover occurs.

The good news is that past death crosses have signaled large or intermediate price bottoms. Past events, such as those of early February 2021 and July 2021, have caused the price of XRP to rise thereafter. That in July 2021 resulted in a 141% increase in the price of XRP, pushing it to a high of $1.22 in mid-August.

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Important events in January

The Ripple-SEC lawsuit is expected to end on January 14, 2022. The parties have revealed a total of 16 expert witnesses as part of the discovery process. By January 14, 15 of the 16 expert statements should be completed. The final expert’s statement is scheduled for January 19.

In December, Sologenic, an ecosystem built on top of the XRP blockchain, launched an airdrop for XRP holders. According to the timetable, the snapshot was successfully completed on block number “68552402” at 8:01 PM UTC on December 24, 2021. The SOLO airdrop will begin on January 20, 2022 at 8:00 PM UTC, according to the network. The 200 million SOLO will then be unlocked when the transfers begin.

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