XRP traders eye rally to new all-time highs at $5.85 as key support holds

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XRP ( $1.20 ) ’s ( XRP ( $1.20 ) ) 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 ( $1.20 ) /USD daily chart. Source: Cointelegraph/TradingView*

Elliott Wave analysis projects XRP ( $1.20 ) price to $5.85

Dark Defender, a crypto market analyst, highlighted that XRP ( $1.20 ) 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 ( $1.20 ) 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 ( $1.20 ) 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 ( $1.20 ) is ready for an all-time high.”

*XRP ( $1.20 ) /USD 4-hour chart. Source: Dark Defender*

Similar sentiments were shared by popular analyst Egrag Crypto, who said that XRP ( $1.20 ) was “gearing up for its next big leap” as it consolidated above $2.30.

According to the analyst, XRP ( $1.20 ) 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 ( $1.20 ) between $27 – $222, aligning with the Fibonacci extension tool and 2017 cycle correlations.”

The analyst, however, sets the medium target for XRP ( $1.20 ) price between $8 and $13.

“ XRP ( $1.20 ) ’s next major leg up could target $8.5 – $13 (Fib 1.272 and Fib 1.414).”

*XRP ( $1.20 ) /USD weekly chart. Source:* *Egrag Crypto*

Increasing onchain activity backs XRP ( $1.20 ) ’s upside

Data from Cointelegraph Markets Pro and TradingView shows that the XRP ( $1.20 ) price drawdown over the last week pushed the cryptocurrency to a three-month low of $1.94 on Feb. 28.

XRP ( $1.20 ) investors took advantage of the lower levels and accumulated more at discounted prices. Onchain data from market intelligence firm Glassnode reveals that active XRP ( $1.20 ) 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 ( $1.20 ) : Active addresses and transaction count. Source:* $1.20 ) &s=1729111846&u=1741171897&zoom=" rel="null" target="null" text="null" title="https://studio.glassnode.com/charts/77907470-457f-47e4-7dd4-bbe23756d103?a= XRP ( $1.20 ) &s=1729111846&u=1741171897&zoom=">*Glassnode*

Similarly, XRP ( $1.20 ) 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 ( $1.20 ) tokens in the past 24 hours.

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Whale activity in the $1.20 ) &src=ctag&ref_src=twsrc%5Etfw">$ XRP ( $1.20 ) 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.