Highlights:
- XRP is trading in a symmetrical trading pattern
- Rally through this resistance could push XRP to $3 to $5
- Positive regulatory factors could push XRP to new highs
XRP’s price is slightly declining today, which aligns with the overall sentiment of the cryptocurrency market. Currently, XRP is trading at $2.46, a 2.55% decrease over the previous day. Even with this correction, experts are bullish on XRP’s long-term prospects. They predict prices will head towards $5 shortly and could reach $18 in the future.
Advertisement
XRP Price Correction Triggered by Rejection at Key Resistance Level
The price movement of XRP mostly depends on the performance of the whole market. The altcoin recently attempted a dip of $2.55, with technical indicators implying that breaking out over $2.70 could signify a shift in trend. Market experts point out that recovering this figure is critical if XRP seeks to recover its bullish trend.
Trader Nishant Bhardwaj stated that XRP was recently rejected at the significant resistance level of $3.30, which caused a retracement as low as $1.76 on February 3. Subsequently, the price has increased from the $2.00 support region, although bearish movement is still a risk. If the price descends under $2.50, it will likely reach the $2.00 and $1.60 demand zones again.
$XRP :-
Rejected from key resistance at $3.2985, triggering a sharp pullback.
Strong bounce from sub $2 levels suggests demand, but bearish pressure persists.
Watch $2.50; A breakdown could lead to $2.00 & $1.61 support tests.
Bullish case; XRP needs to reclaim $2.70+ for… pic.twitter.com/m2SVAKjZOC
— Nishant Bhardwaj (@Nishant_Bliss) February 5, 2025
Conversely, Bhardwaj noted a powerful movement beyond $2.70 may pave the way for a surge towards the $5 region. Market heatmaps indicate strong liquidity developing beneath $2.50, meaning a short-term retest of support is possible prior to an anticipated rise.
Long-Term Projections – Elliott Wave Theory Bullish for XRP
Even with the recent tumult, XRP’s prospects are still bright. Elliott Wave Theory Analysts have pinpointed probable targets of $5.85 in the intermediate cycle and $18.22 in the primary cycle.
According to Dark Defender, crypto analysts have followed this structure since the middle of 2023. XRP’s price analysis indicates it is at waves four and five. This Dark Defender notes that it might take the price above $5. Likewise, XForceGlobal expects the thrust measurement after the triangle consolidation to fall within the $5 to $10 range.
XRP had a 4th Wave on his Intermediate Cycle, which I highlighted in Dark Blue, aiming for $5.85 with the 5th Wave.
On the other hand, Primary Cycle Waves, highlighted in Light Blue, still aim for $18.22. (Not Financial Advice)
I have used the same structure since July 23,… pic.twitter.com/CZXFSRyftb
— Dark Defender (@DefendDark) February 3, 2025
Dark Defender notes that if XRP continues, market factors could push it to unprecedented levels within the next two years.
Golden Cross Against Bitcoin and Potential for XRP Further Gains
The price movement of XRP relative to Bitcoin is nearing an unusual golden cross pattern. The 23-week MA is close to crossing the 200-week MA, signaling a significant price leap.
XRP has outperformed BTC for four straight weeks and has moved up 155% against Bitcoin since November 2024. Analysts note that if XRP stays on its upward trajectory, this crossover could happen and lead to greater profits. According to Fibonacci extension levels, XRP could reach $5.07 if the market conditions stay ideal.
Regulatory Developments and Market Sentiment
There have been some changes around XRP, especially regarding the U.S. Securities and Exchange Commission. Some analysts predict that the SEC will drop its appeal over XRP’s categorization after transferring Jorge Tenreiro, the SEC’s Chief Litigation Counsel and Ripple lawsuit participant, to another branch of the SEC.
Simultaneously, President Donald Trump and his administration have created the U.S. Crypto Advisory Council. The best part is that Ripple CEO Brad Garlinghouse is in consideration for a significant position. Besides the positive optics of this move, the council seeks to set better regulations on digital assets, which could enhance the adoption and market stability of XRP.
BOOOOOOOOOOOOOOOOOOM!!!
Ripple CEO – Brad Garlinghouse is anticipated to be selected for an advisory position on the White House Crypto Council! 🇺🇸 🦅 #XRP pic.twitter.com/YHqUQHzncY
— JackTheRippler ©️ (@RippleXrpie) February 5, 2025
Technical Analysis – XRP Symmetrical Triangle Points to a Breakout
XRP is trading in a low-volume environment and has formed a symmetrical triangle. This pattern often points to a possible parabolic price breakout. If this triangle breaks out bullishly, XRP could quickly rally to $3.12 in the short term.
On the other hand, if bears take control and push XRP downside through the triangle, then a correction to $2.09 could follow. Of these scenarios, a bullish breakout for XRP is more likely as the regulatory factors previously hindering its growth get out of the way.
A Recap on XRP Price
Even with XRP’s short-term price challenges, the long-term fundamentals look favorable. Analysts predict a potential bullish trend to $5 or more, backed by gold cross patterns against BTC, growing regulatory clarity, and unique projections per the Elliott wave theory. A measure of resistance has been established, and analysts believe that a breakout above $2.70 could be the next phase within the bullish cycle.
eToro Platform
Best Crypto Exchange
- Over 90 top cryptos to trade
- Regulated by top-tier entities
- User-friendly trading app
- 30+ million users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Advertisement
