XRP traders eye rally to new all-time highs at $5.85 as key support holds
XRP price is up today ahead of the first White House Crypto Summit, and holding a key support level could see the altcoin rally toward $5.85.
XRP’s (XRP) price is trading 28% above its $1.94 lows reached on Feb. 28, up 6.5% over the last 24 hours. Traders keep rally hopes alive as the altcoin holds above a key support level.
XRP/USD daily chart. Source: Cointelegraph/TradingView
Elliott Wave analysis projects XRP price to $5.85
Dark Defender, a crypto market analyst, highlighted that XRP was trading above a key support zone in the four-hour timeframe, as shown in the chart below.
Note that this level represents the 38.2% Fibonacci retracement of the November rally to seven-year highs of $3.40. Dark Defender believes this marked the “Wave 2 bottom” and “we are waiting for XRP to move toward $2.60.”
According to the analyst, the key levels to watch on the downside are $2.33 and $2.22, which must be maintained. If this happens, XRP price will continue its wave structure with the expected fifth wave targeting $5.85. Such a move would represent 132% gains from the current price.
“XRP is ready for an all-time high.”
XRP/USD 4-hour chart. Source: Dark Defender
Similar sentiments were shared by popular analyst Egrag Crypto, who said that XRP was “gearing up for its next big leap” as it consolidated above $2.30.
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According to the analyst, XRP followed a similar classic Fibonacci extension move in 2017, breaching the 161.8% extension level before making a parabolic move toward the 223.6% Fibonacci extension level.
If history repeats itself, “this would put XRP between $27 – $222, aligning with the Fibonacci extension tool and 2017 cycle correlations.”
The analyst, however, sets the medium target for XRP price between $8 and $13.
“XRP’s next major leg up could target $8.5 – $13 (Fib 1.272 and Fib 1.414).”
XRP/USD weekly chart. Source: Egrag Crypto
Increasing onchain activity backs XRP’s upside
Data from Cointelegraph Markets Pro and TradingView shows that the XRP price drawdown over the last week pushed the cryptocurrency to a three-month low of $1.94 on Feb. 28.
XRP investors took advantage of the lower levels and accumulated more at discounted prices. Onchain data from market intelligence firm Glassnode reveals that active XRP addresses have surged by a whopping 680% in the past week, jumping from 59,900 on Feb. 27 to 468,171 on March. 4.
XRP: Active addresses and transaction count. Source: Glassnode
Similarly, XRP transaction count increased by 23% over the same period, signaling growing network usage.
Such a spike in network activity often indicates growing investor interest and could be an early signal of a potential bullish reversal.
Popular analyst Brett also points out that whale activity rose in tandem with increasing onchain activity as large investors scooped approximately 1 billion XRP tokens in the past 24 hours.
🚨KABOOOOOOOOOOOOOOMOOOOM
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. pic.twitter.com/bQEJfF5dNC
— Brett (@Brett_Crypto_X) March 4, 2025
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
