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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 opportunityfor investors, especially as the market consolidates. XRP Price Golden Support Could Trigger Rebound
A crypto analyst, known as “ColdBloodedCharter’ on TradingView, has presenteda 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. Related Reading XRP Bulls Shake Off Crash, Target This Major Resistance On The Road To $3.85 1 week ago
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 levelwhen 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 initiatedby Ripple Labs earlier this week. XRP uptrend supported by a Golden Pocket | Source: ColdBloodedCharter on Tradingview
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 Pennantpattern, 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 actionbefore initiating its next big move. The triangle pattern on the XRP price chart suggests a strong reboundtowards 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-diplevels 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. Related Reading XRP Long Term Potential Remains Extremely Bullish Possibility Of Price At $20 1 week ago
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 pullbackto 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 trading at $2.5 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Medium, chart from Tradingview.com