XRP Price Enters Golden Pocket: Analyst Says It’s A Good Buy At These Levels

Share This Post

The XRP price has entered a Golden Pocket—a key Fibonacci retracement level that often acts as strong support. According to a crypto analyst, this new development could present an attractive buying opportunity for investors, especially as the market consolidates.

XRP Price Golden Support Could Trigger Rebound

A crypto analyst, known as “ColdBloodedCharter’ on TradingView, has presented a detailed technical chart analysis of XRP, discussing its current position, potential future trends, and key buying levels. The analyst disclosed that XRP is currently inside a Golden Pocket, supported by a 50-day Moving Average (MA) directly below it. 

The analyst noted that his previous analysis from the day before was playing out exactly as planned, with the new Golden Pocket acting as a resistance level when approached from below. On a short-term outlook, the TradingView crypto expert expects no immediate breakout for the XRP price. This bleak forecast is attributed to the possible selling pressure fueled by the recent 500 million XRP escrow unlocks initiated by Ripple Labs earlier this week. 

XRP

The analyst also cited XRP’s current consolidation phase, which started 19 days after hitting a cycle high, as a barrier to an immediate bullish price breakout. The last consolidation phase lasted as long as 39 days after XRP had reached $2.91 on December 3, 2024.

Looking at the analyst’s price chart, XRP formed a Bullish Pennant pattern, which led to an earlier breakout in 2024 before its consolidation phase. Based on this past trend, the TradingView analyst predicts that XRP could experience another two to three weeks of choppy price action before initiating its next big move. The triangle pattern on the XRP price chart suggests a strong rebound towards a bullish price target at $3.43 if the cryptocurrency can hold its Golden Pocket support. 

Key Buy Levels To Watch

While ColdBloodedCharter projects a rally to $3.43 for the XRP price, the TradingView analyst has also outlined key buy-the-dip levels investors can watch out for in preparation for this potential surge. The $2.50 level will be a primary support area for XRP, offering investors a 6-7% discount from current low prices.

If XRP plunges further, the analyst expects it to reach the support levels between $2.25 and $2.30. He reveals that this price level is a much safer entry point and accumulation zone for investors, especially if Bitcoin (BTC) remains above $95,000.

The analyst has also highlighted a steeper support zone between $1.9 and $2.00. This support presents a significant dip-buy opportunity and is expected to occur if Bitcoin experiences a sharp pullback to new lows around $91,000. 

While further market declines will serve as a buying opportunity for many investors, they also pose a risk to those who purchased XRP during price highs. The TradingView analyst has revealed that XRP’s Relative Strength Index (RSI) is cooling down, suggesting weakening market momentum. However, he remains optimistic, predicting a strong reversal soon.

XRP

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Arbitrum Integrates With BitcoinOS to Expand Into the Bitcoin Network 

Arbitrum has integrated with BitcoinOS (BOS) to bring its Ethereum-based layer two (L2) scaling solution to the Bitcoin network Arbitrum Brings Ethereum-Based L2 Scaling to Bitcoin According to the

MicroStrategy rebrands to Strategy, reinforces Bitcoin Treasury focus

MicroStrategy announced on Feb 5 that it will rebrand to Strategy, reflecting its focus on becoming a Bitcoin (BTC) Treasury Company and a publicly traded business intelligence firm  The Nasdaq 100

Solana Could Target $220 If It Holds Current Levels – Analyst Expects Short-Term Bullish Momentum

Solana is trading above the crucial $200 level after enduring days of extreme volatility and heavy selling pressure Despite the uncertainty, Solana remains one of the strongest assets in the crypto

Shiba Inu Rally Imminent? 1.23 Trillion SHIB Moves into Wallet

The post Shiba Inu Rally Imminent 123 Trillion SHIB Moves into Wallet appeared first on Coinpedia Fintech News Amid ongoing market uncertainty, Shiba Inu (SHIB), the popular and second-largest crypto

Economics Professor Roubini Warns: China’s Pride Poses Major Challenge for Trump’s Tariff Strategy

Economist Nouriel Roubini argues that China’s national pride makes it unlikely to yield to US tariff pressure No Respite for China Nouriel Roubini, an economics professor at New York

FDIC to update crypto banking guidelines, releases documents on pause letters

The Federal Deposit Insurance Corporation (FDIC) is preparing to revise its guidelines for banks engaging in crypto-related activities, Barrons reported on Feb 5 The changes would allow banks to