-
The recent fluctuations in XRP’s market price have sparked debates among analysts, with some suggesting a potential rally towards $18 based on Elliott Wave theories.
-
Despite a current pullback, traders remain cautiously optimistic, as critical support levels hold and bullish signals emerge in the cryptocurrency market.
-
According to analyst Nishant Bhardwaj, “XRP needs to reclaim $2.70+ for upside momentum,” indicating key price levels to watch closely.
This article explores the recent fluctuations in XRP’s price, the importance of key resistance levels, and the potential for significant growth based on Elliott Wave analysis.
XRP Price Action and Key Resistance Levels
As of February 5, XRP has experienced a **3.2%** downturn, closing at **$2.55**. This decline follows a significant rejection at the **$3.30** resistance level and has raised concerns about further weakness in the short term. However, analysts are watching for a rebound that could signal a trend reversal.
The primary support level now stands at **$2.50**, and a rebound above **$2.70** could indicate a stronger bullish trend. If XRP can establish a price point above this level, it might catalyze a move towards the **intermediate resistance** above **$3.30**.
Nishant Bhardwaj noted a “sharp pullback” preceding the recent low, which was mitigated by a rally from the **$2.00** demand area. However, he cautioned that bearish pressures could persist if **$2.50** fails to hold, potentially pushing XRP back to the **$2.00** and **$1.60** demand zones.
Diverse **liquidation heatmaps** show a build-up of bid liquidity beneath **$2.50**, suggesting a strong likelihood of price retests at this vital support level. This backdrop introduces a careful yet optimistic viewpoint regarding immediate trading strategies.
Long-term Forecast: Can XRP Reach $18?
Long-term projections for XRP suggest a potentially bullish trajectory, with several analysts pointing towards an **Elliott Wave structure** predicting a target of **$18.22**. This target is based on the price currently being in a **4th wave** of the **intermediate cycle**, signaling a potential upward movement into a **5th wave**.
Dark Defender, an anonymous analyst, emphasized “XRP had a fourth wave on its intermediate cycle, aiming for **$5.85** with the subsequent **5th wave**.” His analysis indicates that XRP could enter a **significant bullish phase** if market conditions support such movement.
In a more immediate context, if XRP can break and sustain levels above **$2.90**, it would confirm the restoration of a **bull market structure**. This breakout could pave the way for a more robust market environment, enabling XRP to approach those higher price targets suggested in the **Elliott Wave analysis**.
XForceGlobal, another market analyst, has similarly noted that the altcoin’s trajectory is reflective of achieving targets in the **$5-$10** range, dependent on maintaining current lows.
Analyst Insights and Market Sentiment
Market sentiment is cautiously optimistic, supported by the presence of key technical indicators. The ongoing analysis from several experts continues to suggest that once **$2.70** is reclaimed, XRP can pivot towards a significant uptrend.
Current conditions signal that traders should be vigilant and ready to react to price movements around these crucial support and resistance points.
As noted by Cointelegraph, recovering above **$2.90** would be a decisive indicator for bulls, suggesting a return to market momentum despite recent fluctuations and bearish signals.
Conclusion
In conclusion, XRP’s journey ahead appears complex yet promising, with critical support at **$2.50** and resistance at **$2.70** marking pivotal battlegrounds for buyers and sellers alike. Should the asset reclaim the latter, analysts project a potential rally towards **$5** and beyond, with eyes also looking towards the ambitious target of **$18.22**. Observers of the crypto market should remain engaged as developments unfold, with careful attention to technical indicators and analyst sentiments shaping the path forward.
