XRP Faces Key Resistance at $2.70
XRP’s price is currently in a corrective phase, with analysts predicting a potential bullish breakout if key resistance levels are reclaimed. The altcoin is trading at $2.41, down 3.2% on February 5, after forming a daily low of $2.55.
A reversal could be on the horizon if XRP manages a candle close above $2.70, a crucial level that traders believe would signal renewed bullish momentum. The cryptocurrency market remains uncertain following President-elect Donald Trump’s tariff threats, which have raised concerns over a potential trade war. Despite this, investor sentiment towards XRP remains optimistic, with some analysts eyeing double-digit price targets.
XRP Needs to Hold Key Support Levels
Crypto analyst Nishant Bhardwaj highlighted that XRP’s recent rejection from the $3.30 resistance led to a sharp pullback, pushing the price as low as $1.76 on February 3. However, a strong rebound from the $2.00 demand zone suggests that bullish interest remains intact.
XRP/USD daily chart. Source: TradingView
Despite this recovery, Bhardwaj warned that bearish pressure persists, and a breakdown of the $2.50 level could trigger a further decline towards $2.00 and $1.60. On the other hand, reclaiming $2.70 would be a strong signal of an upward trend.
According to data from CoinGlass, a wall of bid liquidity is forming just below the $2.50 support, indicating that a retest of this level is likely before any major upside movement.
Path to $18: Elliott Wave Theory Supports Long-Term Rally
Despite the recent correction, Dark Defender, an anonymous crypto analyst, remains bullish on XRP’s long-term prospects. Based on the Elliott Wave Theory, he predicts an intermediate cycle target of $5.85, with a long-term projection of $18.22.
“XRP had a 4th Wave on its intermediate cycle, aiming for $5.85 in the 5th Wave,” Dark Defender explained. “On the other hand, primary cycle Waves still point towards $18.22.”
XRP/USD daily chart
The analyst has used this structure to forecast XRP’s potential price trajectory since July 2023, when the asset was trading between $0.40 and $0.50. His latest update on February 5 reinforces the idea that XRP could be on track to meet these targets if key technical conditions are met.
Breakout Could Push XRP to $5 and Beyond
Supporting this outlook, XForceGlobal, another crypto analyst, noted that XRP is currently in the fourth wave of its intermediate cycle. The anticipated fifth wave could drive the price toward the $5 to $10 range.
“Using the post-triangle thrust measurement, our original targets align in the $5-$10 range. We’ll refine these as the price moves higher,” XForceGlobal explained.
The analyst further pointed out that XRP has already seen the expected pullback and is now positioned to complete the 5th wave, provided the recent lows hold.
A recovery above $2.90 would further confirm a bullish market structure, solidifying investor confidence in XRP’s long-term trajectory.
While XRP faces short-term volatility, analysts remain optimistic about its potential to surge past key resistance levels and reach ambitious price targets in the coming months.
