XRP Price Anticipates 20% Surge Following Golden Pocket Formation
The XRP price is showing potential for a bullish increase, with an anticipated rise of 20% as predicted by analyst TehThomas. This forecast relies on the formation of a technical pattern known as the Golden Pocket alongside strong support and resistance indicators.
Key Indicators for Price Surge
- XRP is trading within an Ascending Channel, indicating higher highs and higher lows.
- The Golden Pocket aligns with an imbalance zone, suggesting prices may revisit this area before advancing.
- The Golden Pocket sits between the 0.618 and 0.65 Fibonacci retracement levels, historically acting as a strong support zone.
- If XRP remains above this key Fibonacci level, the bullish trend is likely to continue.
- A potential rally could target a price range of $2.8 to $2.9, representing a 29% increase from the current price of $2.2.
Short-Term Resistance Risks
- Short-term resistance in the 1-hour timeframe may lead to a pullback before further upward movement.
- A rejection at the imbalance zone indicates increased selling activity.
- A failure to break through the short-term resistance could result in a retracement toward the Golden Pocket.
- A confirmed breakout from the 1-hour imbalance zone would reinforce bullish momentum and support upward price movements.
