XRP continued to trade sideways between $2.85 and $2.30 even as the US Securities and Exchange Commission (SEC) acknowledged a slew of XRP ETF filings. XRP’s price rebounded above $2.60 as several analysts highlighted the importance of breaking the $2.75-$2.80 area next.
XRP/USD daily chart. Source: Cointelegraph/ TradingView
XRP price ascending triangle targets $3.20
Egrag Crypto, an XRP market analyst, highlighted that XRP ( XRP ) was trading within an ascending triangle in the 12-hour timeframe, as shown in the chart below.
According to the analyst, the price needs to “close above the apex” of the prevailing chart pattern at $2.75 to “continue the upward trajectory.”
“Closing above this level will provide bullish confirmation to continue the upward trajectory, with a measured target of $3.20.”
Such a move would bring the total gains to 20% from the current level.
XRP/USD daily chart. Source: Egrag Crypto
Still, the analyst cautioned that investors should be aware of a “potential bull trap ” as the month comes to an end.
“I believe we could see a significant correction starting mid-March, signaling the end of Wave 2 in our macro Elliott Wave count,” Egrag Crypto said, adding:
“Wave 3 is still ahead… so remember, you may not be bullish enough yet!”
Similar sentiments were shared by pseudonymous analyst Dom, who said that the XRP price was required to flip the $2.80 level into support before making a run for $3.00.
$XRP update
— Dom (@traderview2) February 20, 2025
We are attempting to hold the monthly rVWAP for the first time in nearly 3 weeks
~$2.80 still remains that important level to flip (ATH vwap) and then we test $3 pic.twitter.com/6pdhHVzjcz
A “key resistance sits at $2.82” for XRP, fellow analyst CasiTrades said in a Feb. 20 post on X, adding that another major barrier sits at $3.00.
“However, a clean breakout above $3 would signal that the correction is complete and a much larger move is on the table.”
Related: Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL
XRP liquidity remains above $2.85
XRP has consolidated sideways since Feb. 3, with the overall trend leaning bullish. However, XRP/USD remains in limbo until the price breaks above $2.85 or below $2.30.
XRP/USD 4-hour chart. Source: Cointelegraph/TradingView
Currently, liquidity remains at both demand and supply areas for XRP, which means a break of these levels will likely dictate XRP’s ultimate direction.
With price testing the resistance at $2.85 twice over the last three weeks, the best scenario for XRP will be to breach this level and take the supply zone liquidity above it before rising toward $3.20.
With the SEC’s acknowledgment of more XRP ETF applications , the hopes of the altcoin moving higher in 2025 are increasing.
Polly, an anonymous crypto commentator, recently said that these acknowledgments are positioning XRP price for new all-time highs, predicting a “god candle” to $6.00.
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.
