XRP Price Enters Golden Pocket, Analyst Highlights Key Buy Levels
The price of XRP has entered a Golden Pocket, a significant Fibonacci retracement level that often serves as strong support. This situation may create a buying opportunity for investors amidst market consolidation.
XRP Price Analysis
Analyst “ColdBloodedCharter” on TradingView provided a technical analysis indicating:
- XRP is in a Golden Pocket supported by a 50-day Moving Average (MA).
- The recent price behavior aligns with prior analysis, with the Golden Pocket acting as a resistance level.
- A lack of immediate breakout is anticipated due to potential selling pressure from a recent 500 million XRP escrow unlock by Ripple Labs.
- XRP’s current consolidation phase, lasting 19 days since its cycle high, poses a barrier to short-term bullish movement.
- Historical patterns suggest upcoming choppy price action for another two to three weeks before a significant move occurs.
- A strong rebound towards $3.43 could happen if the Golden Pocket support holds.
Key Buy Levels
Key levels identified for potential investment include:
- Primary support at $2.50 offers a 6-7% discount from current prices.
- If prices drop further, support ranges between $2.25 and $2.30 are seen as safer entry points.
- A deeper support zone between $1.90 and $2.00 presents a notable dip-buying opportunity if Bitcoin declines to approximately $91,000.
Despite a cooling Relative Strength Index (RSI) indicating weakening momentum, the analyst forecasts a potential reversal soon.
