January events are beckoning the XRP price as the chart forms a familiar pattern

XRP price entered a triangle range shortly after hitting a high of $1.34 on November 10. Although it posted a late-2021 recovery, it failed to close above the highs on December 23 at $1.01. At the time of writing, XRP is consolidating at $0.826.

january-events-are-beckoning-the-xrp-price-as-the-chart-forms-a-familiar-pattern

XRP/USD 4-hour chart | Source: TradingView

XRP price chart forms this familiar pattern ahead of Sologenic distribution in January

Events in January are beckoning XRP price as the chart forms a familiar pattern identified by traders and analysts. A bullish breakout above the triangle could generate an 18% gain, taking it above the $1.1. XRP could then move towards a retest of the $1.41 high. Alternatively, if the bulls speculate, the $0.76 level remains the immediate support.

Additionally, a familiar pattern has appeared on the XRP chart, with the MA 50 crossing below the MA 200, a warning that most experts regard as a bear market indicator. A “dead crossover” is considered a lagging indicator because, most of the time, the market is oversold by the time the crossover occurs.

january-events-are-beckoning-the-xrp-price-as-the-chart-forms-a-familiar-pattern

XRP/USD Daily Chart | Source: TradingView

The previous XRP “death crosses” have signaled major or intermediate price bottoms. Previous occurrences, such as in early February 2021 and July 2021, caused the price of XRP to rise afterward. The event in July 2021 sent the price of XRP up 141%, reaching a high of $1.22 in mid-August.

Expert discovery in the Ripple-SEC case is expected to close on January 14, 2022. The parties have disclosed a total of 16 expert witnesses as part of the discovery process. By January 14, 15 of the 16 expert profiles will be completed. It is expected that the final appointment of experts will take place on January 19.

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