The XRP price has entered a key Fibonacci retracement level known as the Golden Pocket, which often acts as strong support. According to a TradingView analyst, this presents an attractive buying opportunity for XRP investors, especially as the market consolidates.
The analyst, ColdBloodedCharter, reveals that XRP is currently inside the Golden Pocket, with the 50-day Moving Average providing additional support just below. Despite the recent 500 million XRP escrow unlocks by Ripple Labs potentially fueling selling pressure, the analyst expects XRP to hold its ground.
Looking at the bigger picture, XRP formed a Bullish Pennant pattern that led to a breakout in 2024 before entering a consolidation phase. Based on this, the analyst predicts another 2-3 weeks of choppy price action for XRP before it makes its next major move. If XRP can maintain its Golden Pocket support, the chart points to a strong rebound towards $3.43.
For investors looking to buy the dip, key support levels to watch include $2.50, offering a 6-7% discount, and the $2.25 to $2.30 range, which the analyst considers a safer entry point. If Bitcoin experiences a sharp pullback to around $91,000, XRP could even dip to the $1.90 to $2.00 support zone, presenting a significant buying opportunity.
While XRP’s Relative Strength Index (RSI) is cooling off, suggesting weakening momentum, the analyst remains optimistic about an impending strong reversal. As the crypto market continues to consolidate, XRP’s Golden Pocket support could be the launching pad for its next major rally.
Tags: XRP, Golden Pocket, Fibonacci, Moving Average, Bullish Pennant, RSI
Source: https://www.newsbtc.com/analysis/xrp/xrp-enters-golden-pocket/