XRP trader Irry rises to an all-time high at $5.85 as key support is retained

XRP (XRP) prices are up 6.5% over the $1.94 low that reached February 28th, up 28% in the last 24 hours. Traders will continue to live up to Rally's hopes as Altcoin exceeds its main support level.

Elliott Wave Analysis Projects XRP price is $5.85

Crypto Market analyst Dark Defender highlighted that XRP is trading beyond its main support zone over a four-hour time frame, as shown in the chart below.

Note that this level represents the 38.2% Fibonacci retracement at the November rally at a seven-year high of $3.40. Dark Defender believes this marked “Wave 2 Bottom” and “waiting for XRP to move to $2.60.”

According to analysts, the key levels to monitor the downsides are $2.33 and $2.22, which should be maintained. If this occurs, the XRP price will continue the wave structure, with the expected fifth wave targeting $5.85. Such a move represents a profit of 132% from the current price.

“XRP is the best prepared ever.”

Similar sentiments were shared by popular analyst Egrag Crypto. He said that with XRP consolidated beyond $2.30, he “we are preparing for the next big leap.”

Related: Why is Ripple SEC Case still ongoing in the ocean of resolution?

According to analysts, XRP followed a similar classic Fibonacci expansion move in 2017, violating the 161.8% expansion level before moving into the parabola towards the 223.6% Fibonacci expansion level.

As history repeats it, “This will bring XRP between $27-222, in line with the Fibonacci extension tool and the 2017 cycle correlation.”

However, analysts have set the XRP price medium target from $8 to $13.

“The next major leg up for XRP could target $8.5-$13 (FIB 1.272 and FIB 1.414).

Increased Onchain activity supports the benefits of XRP

Data from Cointelegraph Markets Pro and TradingView show that last week's XRP price cuts pushed cryptocurrency to a three-month minimum of $1.94 on February 28th.

XRP investors took advantage of the low levels and accumulated more at discounted prices. On-chain data from market intelligence company GlassNode reveals that active XRP addresses have skyrocketed by a whopping 680% over the past week, jumping from 59,900 on March 27th to 468,171. 4.

Similarly, XRP transaction counts increased by 23% over the same period, increasing network usage.

Such a surge in network activity often indicates a growing interest in investors and could be an early signal for a potential bullish reversal.

Popular analyst Brett also notes that whale activity has risen in parallel with an increase in on-chain activity as large investors scooped up about 1 billion XRP tokens in the last 24 hours.

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Whale activity in the $XRP market has skyrocketed, with nearly 1 billion coins purchased over the past 24 hours. Daily active addresses also skyrocketed, reaching 135,000 on March 4th, indicating a growing interest in Altcoin. pic.twitter.com/bqejff5dnc

– Brett (@brett_crypto_x) March 4, 2025

This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.