Expert Urges Investors to Keep Buying XRP If It Holds This Support Level

A prominent investment strategist has advised market participants to continue buying XRP, highlighting a critical support level to guide decision-making. His analysis coincides with XRP’s notable resilience amid a widespread market correction.

XRP Outperforms Amid Market Pullback

Despite significant declines across the broader cryptocurrency market, XRP has demonstrated relative strength. Over the past week, XRP surged 24%, outperforming other major cryptocurrencies in terms of price gains. This upward momentum has contrasted sharply with Bitcoin, which fell below $95,000 and recorded a 24-hour loss of 2.41%.

XRP’s losses were limited to 2% over the same period. Other altcoins such as Solana and Dogecoin experienced steeper declines of 7% and 5%, respectively. Ethereum was the only top-10 cryptocurrency to post gains during this market slump, underlining XRP’s exceptional performance.

Key Levels and Market Trends

Tunc Satiroglu, a mathematician and investment strategist, recently shared his analysis of XRP’s price movements. His four-hour chart highlights crucial price levels and indicators that could influence the asset’s short-term direction.

XRP is trading within a defined range, bounded by the Fibonacci levels of $1.30 and $1.60. This range was established after the cryptocurrency broke past the $1 level two weeks ago, marking a milestone not achieved in over three years. XRP reached a high of $1.63 on November 23 but faced resistance, pulling back into this consolidation zone.

According to Satiroglu, $1.30 serves as a major stop-loss level for investors, as a dip below this threshold could signal a bearish trend reversal.

Conversely, $1.60 represents a critical resistance level. Should XRP breach this resistance, it may target $1.70, with potential further gains aiming at $1.96. Veteran trader Peter Brandt has suggested that surpassing $1.96 could trigger an explosive price rally.

Mixed Signals in XRP’s Momentum

Satiroglu’s analysis indicates that XRP trades within a bullish channel, defined by parallel trend lines. The price has retraced from the upper boundary of this channel and is currently consolidating. A reclaim of the upper trend line could suggest renewed bullish momentum, potentially pushing XRP toward higher Fibonacci extension levels.

On-chain data reflects mixed sentiment. While whale activity has increased, smaller investors appear to be offloading their holdings. Data from Santiment reveals that large accounts holding between 1 million and 10 million XRP accumulated 230 million tokens last week. This aligns with a 353% weekly increase in XRP-focused investment product inflows, totaling $15 million.

Trading volume analysis shows heightened activity during XRP’s upward movements, indicating robust buying interest. However, the recent consolidation near $1.40 coincides with a decline in trading volume, signaling possible reduced enthusiasm.

Additionally, stochastic indicators suggest that overbought conditions have subsided. Following a crossover in the oversold region, the indicators are now trending upward, signaling the potential for continued bullish activity if demand strengthens.

At the time of writing, XRP is trading at $1.37, representing a 166% increase for the month. Market participants closely monitoring XRP are advised to pay attention to the $1.30 support level and $1.60 resistance. Breaking above or below these levels could signal significant shifts in market direction.

While whales continue to show confidence in XRP’s potential, retail investors appear cautious, contributing to the current consolidation phase. For now, XRP’s resilience amid market turbulence remains a focal point for investors assessing its future trajectory.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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