Top Analyst Says XRP HTF Chart Looks Really Good, Suggests Area to Place a Bid on XRP

A top market analyst has remained bullish on XRP trajectory this cycle, identifying a good buying opportunity at a major support area.

Analyst Callum R.G. provided this update in an X post on Tuesday amid a broader market downside. For context, XRP corrected by 3% yesterday after previously raising high bullish hopes with two consecutive days of price appreciation, during which it gained nearly 5%.

XRP Higher Timeframes Look Good: Analyst

Despite the predominant bearishness, Callum remains positive about XRP. He noted that XRP remains one of the few altcoins to retain its gains from Q4 2024, an indication of its resilience in the face of market uncertainties.

For perspective, XRP pumped hard between November and December 2024, rising from $0.50 to $2.90 before closing the year at $2.08. While the momentum persisted until the asset reached $3.39 in January, it has relinquished most of the gains.

Nonetheless, XRP is up 3.45% year-to-date and is one of the few high assets that remain above its opening price this year. Furthermore, Callum stated that XRP’s higher-timeframe chart looks really good, despite recent drawdowns.

An accompanying XRP/USDT 1M chart shows that the coin has held above its 2021 price high of $1.97. The market watcher highlighted that this aligns with the 0.50 Fibonacci extension, with a trend above the level seemingly bullish for XRP.

Analyst Says Good Place to Buy

Meanwhile, with the market showing weakness, XRP could see lower prices. Callum noted that the 0.50 Fibonacci level at $1.97 could be a good place to reload XRP, should it continue its downtrend.

Interestingly, XRP has retested the level several times this year, severely rebounding on each attempt. It even closed below the price mark towards the end of March and dipped further to $1.61 in early April, but bulls ran prices back above the support.

Callum advocated stacking more of the XRP at that level for a medium-term hold. However, he highlighted the 0.618 Fibonacci extension at $1.60 as the next support below the $1.97 region but stressed that it would take “a market-wide giga nuke” for XRP to retest the area.

At the current price of $2.15, XRP would need to further correct by 8.3% and 25.5% to reach the 0.50 and 0.618 Fibonacci extensions, respectively.

XRP Still Keen on New Highs This Cycle

Meanwhile, Callum insinuated that the recent price retracement could be a re-accumulation phase for XRP before the next leg up. When this ends, he suggested that XRP could rally to new highs this cycle, specifically mentioning Bitcoin dominance’s peak and the consequent altcoin season as major catalysts.

While the analyst did not mention his target for this cycle, other analyses suggest XRP still has more highs to conquer. Crypto Beast predicted a minimum price of $8, citing bullish technical and fundamental developments, while EGRAG debunked claims that XRP has already peaked at $3.39, projecting a rally to $24.