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XRP Steps Into the "Golden Pocket" - Will There Be a Big Price Increase Soon?
A cryptocurrency analyst said that the XRP price has finally entered the Golden Pocket, meaning that this digital asset is on the verge of attracting many investors looking for opportunities to buy and hold as the market strengthens. According to a post on TradingView by cryptocurrency analyst ColdBloodedCharter, the current position, future trend, and buy level of XRP are within what is technically called the Golden Pocket. The analyst revealed this after analyzing the 50-day Moving Average of XRP price.
XRP price in the consolidation phase ColdBloodedCharter begins by declaring that, based on his analysis from the previous day, the new Golden Pocket is acting as a resistance level if approached from below. However, when considering the short-term outlook for XRP price, the expert noted a slightly low chance for an immediate breakout. He stated that this could be due to selling pressure caused by the recent unlocking of 500 million XRP escrow initiated by Ripple Labs earlier this week. According to experts, the price of XRP has been in a consolidation phase for at least 20 days after the token reached its highest level in the cycle but encountered resistance preventing a sudden increase in XRP price. Analysts note that the final consolidation phase of the token lasted for more than 39 days when XRP reached $2.91 on December 3, 2024. A strong recovery is about to take place Based on historical trends, analysts believe that the price of XRP may experience another two or three weeks of weak price action before the bullish momentum kicks in and pushes the token to its next major move. According to analysts, the XRP price triangle pattern indicates a strong potential for an early recovery that could push the price target to at least $3.43, if the token maintains support from the Golden Pocket. What is Golden Pocket? In trading, it refers to the primary retracement levels of an asset at 38.2% and 61.8%. Analysts consider these levels as important support and resistance levels as they can help traders determine the potential market reversal. The concept of the golden ratio is an ancient concept, dating back to the time of Ancient Greece and Egypt. However, Leonardo Fibonacci, who discovered the Fibonacci sequence used to determine the golden ratio, is believed to have rediscovered it. Platform for market analysis When applied to cryptocurrency analysis, the golden ratio is expressed as a percentage and becomes the foundation for market analysis. Fibonacci levels such as 23.6%, 38.2%, 50%, and 61.8% can be directly derived from the golden ratio. These levels can be used to predict price retracements and form a solid framework for traders to navigate market fluctuations. Conclusion While ColdBloodedCharter sets the next anticipated XRP price at $3.43, analysts have outlined key buy-dip-drop levels that potential investors may pay attention to as they prepare for the possibility of a breakthrough in XRP price. Analysts believe that $2.50 will be the main support level for this token, as investors will benefit from a 6-7% price drop compared to the current low price.