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The XRP price is preparing for a new bullish movement up, as a crypto analyst has predict An increase of 20% in the near future. This optimistic prediction is supported by the formation of an important technical pattern called the Golden bag And indicators including strong support levels and a critical resistance zone.
Golden Pocket Signals XRP Prize
According to TradingView analyst Tehthomas, the XRP prize is currently in a well-defined one. Ascending channel, The stage for a potential 20% moving upwards. In the 4-hour period of 4 hours, XRP continued to respect this rising channel, so that higher highlights and higher lows are formed-an important indicator of a persistent upward trend.
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Interesting is that the most striking development in XRP’s price promotion Is the appearance of a golden bag on its graph. A golden pocket is an important Fibonacci retracement area that is often used to potentially identify Support and resistance levels. It represents a full trend removal for a cryptocurrency and a possibility of an aggressive rebellion.
The TradingView analyst has revealed that the current Golden Pocket from XRP is in line with an imbalance zone, an area with non -filled liquidity in which the prices are usually visited again before the movement is resumed.
In the graph is the golden bag of XRP between 0.618 – 0.65 Fibonacci Retracement level -A well -known area where the price usually finds strong support before the trend is continued. Historically, XRP has responded twice from this key level, indicating that buyers have actively defended this area.
Tehthomas has predicted that as long as the XRP price can be above the most important Fibonacci retracement level, which also acts as a critical resistance, the bullish structure of the cryptocurrency remains unchanged. Moreover, XRP could be ready for a huge rally To the 0.618 Fibonacci Extension LongL, which corresponds to the upper limit of the rising channel.
If this Bullish Momentum continues, this means that the analyst expects the XRP price to see a rally to a target between $ 2.8 to – $ 2.9 range. This represents a price increase of 29% compared to the current price of XRP of $ 2.2.
Short -term resistance can deteriorate
Tehthomas’s Bullish Outlook for the XRP pricenoted the action view analyst that the time frame of 1 hour presents short-term resistance, which could lead to a significant Pullback for the next leg up. XRP was recently confronted with a rejection in the imbalance zone, indicating that sellers at this level increase the activity.
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Earlier, when the price had difficulty breaking the imbalance zone, it emphasized one Liquidity lack of liquidity To maintain a constant upward trend. A repeat of this can lead to a retracement in the direction of the golden bag in the 4 -hour period.
In particular, a confirmed outbreak of the 1 -hour period XRPs Bullish MomentumSupporting are projected movement to the upper levels of the rising channel. A failure, however, could shift this bullish structure, leading to a deeper correction to lower support levels.
Featured image of Istock, graph of TradingView.com