XRP traders eye rally to new all-time highs at $5.85 as key support holds
XRP’s price is currently experiencing a significant upswing, trading 28% above its recent low of $1.94, which it hit on February 28. The cryptocurrency has risen by 6.5% in just the last 24 hours, maintaining a position above crucial support levels as traders keep their rally hopes alive.
Elliott Wave Analysis Predicts a Target of $5.85
Prominent crypto market analyst Dark Defender has pointed out that XRP is currently trading above a pivotal support zone in the four-hour timeframe, which corresponds to the 38.2% Fibonacci retracement from its all-time high of $3.40 reached last November. Dark Defender suggests that the recent movements may signify a "Wave 2 bottom," with an anticipated move towards $2.60.
Key support levels to monitor include $2.33 and $2.22; if XRP manages to hold above these, it may continue its positive trajectory, with the analyst forecasting a fifth wave that targets a price of $5.85—representing a potential 132% increase from current levels.
“XRP is ready for an all-time high.”
Similar sentiments are echoed by fellow analyst Egrag Crypto, who believes that XRP is set for its next significant leap as it consolidates above the $2.30 mark. He emphasizes a noteworthy pattern of Fibonacci extensions similar to XRP’s classic price movement in 2017, where previous metrics indicate potential future prices ranging between $27 and $222 if the coin breaches the 161.8% extension level.
Egrag sets a medium-term price target for XRP between $8 and $13, suggesting that:
“XRP’s next major leg up could target $8.5 – $13 (Fib 1.272 and Fib 1.414).”
Increasing On-Chain Activity Supports Bullish Outlook
Recent data from Cointelegraph Markets Pro and TradingView indicates that XRP’s price retracement earlier this week has spurred increased investor activity. Following the drop to a three-month low of $1.94, investors have seized the opportunity to accumulate at lower prices.
Market intelligence firm Glassnode has reported a staggering 680% increase in active XRP addresses over the past week, surging from approximately 59,900 on February 27 to 468,171 by March 4. Additionally, the transaction count for XRP rose by 23% during the same period, highlighting an uptick in network usage.
This surge in on-chain activity often serves as an early indicator of growing investor interest, which could foreshadow a bullish reversal. Notably, analyst Brett has pointed to rising whale activity, noting that significant purchases by larger investors—nearly 1 billion XRP tokens—occurred within a 24-hour timeframe.
“Whale activity in the XRP market has surged, with nearly 1 billion coins purchased in the past 24 hours. Daily active addresses also spiked, exceeding 135,000 on March 4, signaling growing interest in the altcoin.”
As XRP navigates through these critical levels and shows an upward trajectory, both analysts and investors are optimistic about the coin’s potential for sustained growth and impressive price movements in the near future.
This article does not constitute investment advice. Please conduct your own research before making any investment decisions.
