An investment strategist now advises continuing to buy XRP as long as it maintains a certain price level, while also highlighting a crucial level for potential exit points.
A seasoned market veteran and investment strategist has advised investors to buy XRP.
This recommendation comes as XRP demonstrates notable strength in a market that is experiencing a broader pullback in the cryptocurrency sector.
Over the last week, XRP has impressively surged by 30%, significantly outperforming many other assets within the top 10 by market capitalization.
While Bitcoin has recently dipped below $95,000, experiencing a 3.61% decline in just 24 hours, XRP has managed to limit its losses to only 1.73%.
In contrast, other altcoins like Solana and Dogecoin have faced steeper drops of 5.48% and 4.2%, respectively.
Ethereum stands out as the only top-10 asset showing gains during this period.
Investment strategist and mathematician Tunc Satiroglu has provided an analysis that supports a bullish outlook for XRP.
His 4-hour chart highlights critical price levels and indicators that will likely influence XRP’s short-term direction.
XRP’s Range-Bound Movements
Satiroglu’s chart illustrates that XRP is currently trading within a range, primarily between the Fibonacci levels of $1.30 and $1.60.
This range has been established after XRP broke through the $1 mark two weeks ago for the first time in over three years.
Initially, XRP peaked at $1.63 on November 23 before undergoing a slight retracement.
As it oscillates between $1.30 and $1.60, Satiroglu identifies $1.30 as a vital stop-loss level for investors, suggesting that any dips below this threshold could indicate a bearish reversal.
Conversely, the $1.60 level acts as a significant resistance point.
If XRP can break through this barrier, it may pave the way for a rise towards the $1.70 region, with the potential to reach as high as $1.96.
Market analyst Peter Brandt has even suggested that a surge past $1.96 could trigger explosive growth for XRP.
XRP Indicators Show Mixed Momentum
In addition to price levels, Satiroglu’s chart reveals parallel trend lines that indicate a bullish channel, with XRP consistently respecting these boundaries.
Although the price has retraced from the upper channel, a reclaim of this boundary could signal renewed bullish momentum towards higher Fibonacci extensions.
Volume data is also noteworthy; it shows an uptick in trading activity during recent upward movements, which typically reflects strong buying interest.
However, recent drops in trading volume may indicate a waning enthusiasm among investors, contributing to the current price consolidation around $1.44.
Interestingly, stochastic indicators suggest that overbought conditions have subsided, as the lines are trending upward after a recent crossover from the oversold region.
This pattern hints at the possibility of bullish continuation if buyers regain control.
On-chain data supports this sentiment, revealing a significant increase in whale accumulation.
According to Santiment, whales holding between 1 million and 10 million XRP have accumulated an impressive 230 million tokens over the past week.
Additionally, XRP investment products have seen inflows surge by 353%, totaling $15 million last week.
However, it’s important to note that smaller investors appear to be selling their holdings amid XRP’s resurgence, which could present challenges for further price appreciation.
As of now, XRP is trading at $1.38.
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