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XRP Chart Forms This Familiar Pattern Ahead of January Events

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Wed, 01/05/2022 - 11:46
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Tomiwabold Olajide
XRP chart forms this familiar pattern ahead of Sologenic distribution in January
XRP Chart Forms This Familiar Pattern Ahead of January Events
Cover image via stock.adobe.com

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January events are beckoning the XRP price as the chart forms a familiar pattern identified by traders and analysts.

XRP entered into a triangular range shortly after reaching highs of $1.34 on Nov. 10. Although it posted a recovery toward the close of 2021, it was unable to close decisively above the Dec. 23 high of $1.01. At the time of publication, XRP was consolidating at $0.83, up 1.08% on the day.

A bullish breakout above a triangle pattern might produce an 18% rise, sending the eighth-largest Cryptocurrency above the $1.10 mark. XRP might then journey toward a retest of the $1.41 high. Alternatively, if bulls capitulate, the $0.76 level remains the immediate support.

TradingView
XRP/USD Daily Chart, Source: TradingView

Apart from that, a familiar pattern has emerged on the XRP chart, with the MA 50 crossing below the MA 200, a warning that most experts regard as a bear market indicator. "Death crosses" are considered a lagging indicator because, most of the time, the market is oversold by the time the crossover occurs.

The good news is that previous XRP "death crosses" have signaled major or intermediate price bottoms. Previous occurrences, such as those in early February 2021 and July 2021, have caused the price of XRP to climb afterward. The one in July 2021 resulted in a 141% increase in the price of XRP, reaching highs of $1.22 in mid-August.

January events unfold

Expert discovery in the Ripple-SEC lawsuit is slated to end on Jan. 14, 2022. The parties have revealed a total of 16 expert witnesses as part of the discovery process. By Jan. 14, 15 of the 16 expert depositions should be completed. The last expert deposition is scheduled for Jan. 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 at block number "68552402" at 8:00:01 p.m. UTC on Dec. 24, 2021. The SOLO airdrop will begin on Jan. 20, 2022, at 8:00 p.m. UTC, according to the network. The 200 million SOLO will be unlocked then, as transfers begin.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.