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The XRP price is one Golden bag-An important Fibonacci retracement level that often acts as strong support. According to a crypto analyst, this new development would be one Attractive buying For investors, especially because the market consolidates.
XRP -Price Golden Support can activate the rebound
A Crypto analyst, known as ‘ColdboodDharter’ on TradingView has presented A detailed technical graph analysis of XRP, which discuss the current position, potential future trends and important buying levels. The analyst revealed that XRP is currently in a golden bag, supported by a 50-day progressive average (MA) Immediately below.
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The analyst noted that his earlier analysis from the day before played exactly as planned, with the new Golden Pocket that traded as a resistance When approached from below. In the short term prospects, the TradingView Crypto Expert does not expect an immediate outbreak for the XRP prize. This gloomy prediction is attributed to the possible sales pressure that is fed by the recent 500 million XRP Escrow unlock granted by Ripple Labs earlier this week.
The analyst also quoted XRP’s current consolidation phaseThose 19 days started high after a cycle, as a barrier for an immediate bullish price drop. The last consolidation phase lasted as long as 39 days after XRP reached $ 2.91 on December 3, 2024.
Looking at the price diagram of the analyst, XRP formed a bullish pennant Pattern, which led to an earlier outbreak in 2024 before the consolidation phase. Based on this trend in the past, the TradingView analyst predicts that XRP could experience two to three weeks Buly price promotion Before you make the next big move initiative. The triangle pattern on the XRP price chart suggests one Rebound On the way to a bullish price target for $ 3.43 if the cryptocurrency can keep its gold pocket support.
Most important purchase levels to watch
While ColdbloodedCharter projects a rally to $ 3.43 for the XRP price, the HandelsView analyst has also outlined the key Purchase-the-dip Leaves investors can be careful in preparing for this potential increase. The level of $ 2.50 will be a primary Support area for XRPAnd offers investors a discount of 6-7% compared to the current low prices.
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If XRP dives further, the analyst expects that it will reach the support levels between $ 2.25 and $ 2.30. He reveals that this price level is a much safer access point and battery zone for investors, especially if Bitcoin (BTC) remains above $ 95,000.
The analyst has also emphasized a steeper support zone between $ 1.9 and $ 2.00. This support offers a considerable dip-buy opportunity and is expected to take place if Bitcoin experiences a sharp withdrawal up to new lows of around $ 91,000.
Although further market decreases will serve as a buying for many investors, they also pose a risk for those who have purchased XRP during price heights. The TradingView analyst has shown that XRP’s Relative Strength Index (RSI) Cools down, suggesting that the weakening market momentum. However, he remains optimistic and will soon predict a strong reversal.
Featured image of Medium, graph of TradingView.com
