XRP has been declining since the start of February, but analysts remain optimistic that a recovery could soon happen. According to a recent Cointelegraph report, a key price level to watch is $2.70, as a successful reclaim of this threshold would indicate a shift in momentum toward a bullish trajectory.
Market participants eagerly anticipate a climb to $2.50 crucial in preventing further declines. The asset is currently trading at $2.42, and CoinGlass data shows significant buy orders accumulating below $2.50, making it a likely zone for price stabilization and a potential rebound.
BULLISH: Analysts see $XRP’s latest pullback as part of an Elliott Wave structure, with a potential breakout if it reclaims $2.70.
Some projections set an intermediate target of $5.85, while the long-term outlook reaches as high as $18.22. pic.twitter.com/oBZkBn9Bdq
— Cointelegraph (@Cointelegraph) February 5, 2025
Market Conditions and Recent Pullback
The broader cryptocurrency market is adjusting following concerns over a possible trade war triggered by tariff threats from U.S. President Donald Trump. These macroeconomic factors have contributed to short-term volatility in digital asset prices, including XRP.
According to Cointelegraph, analyst Nishant Bhardwaj (@Nishant_Bliss) pointed out that XRP faced a notable rejection from the $3.30 resistance level, leading to a sharp decline. The price briefly touched $1.76 on February 3 before recovering.
While the rebound from the $2.00 support zone demonstrated buying interest, Bhardwaj warned that bearish pressure remains a concern. XRP’s recent breakdown below $2.50 could expose it to further declines, with possible support levels at $2.00 and $1.60.
Bhardwaj emphasized that XRP must firmly reclaim the $2.70 level For a bullish continuation. A daily close above this threshold would strengthen the case for renewed upward momentum.
Another prominent crypto figure predicted that the recent downturn is XRP’s final backtest below $3 before a run toward its all-time high of $3.84.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Analyst Predicts $18 Target for XRP
Despite recent volatility, analysts continue to project substantial long-term growth for XRP. Dark Defender, a well-known market analyst, remains confident that the asset could experience a major rally soon.
His analysis is based on the Elliott Wave Theory, which suggests that XRP is progressing through a structured five-wave market cycle. He showed that the asset is entering the fifth wave, which could send it to $5.85 in the short term. He also showed a larger-scale Elliot Wave pattern with a target of $18.22 in the long term.
While XRP has encountered short-term resistance and volatility, analysts remain confident in its long-term potential. The key levels to watch in the near term are $2.50 for support and $2.70 for a trend reversal.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
