XRP Bulls Eye $3.20 as Ascending Triangle Forms

XRP's price trajectory has been closely watched by analysts, with some predicting a potential rise to $3.20 if key support levels are reclaimed. Despite trading sideways between $2.85 and $2.30, XRP's price has shown signs of resilience, rebounding above $2.60 and drawing attention to the critical $2.75-$2.80 area.

Egrag Crypto, an XRP market analyst, highlighted the formation of an ascending triangle in the 12-hour timeframe, with the price needing to close above the apex at $2.75 to confirm a bullish trend. Such a move could propel XRP's price to $3.20, representing a 20% gain from the current level. However, the analyst also warned of a potential bull trap as the month comes to an end, suggesting a significant correction could occur mid-March.

Similar sentiments were shared by pseudonymous analyst Dom, who emphasized the importance of flipping the $2.80 level into support before attempting a run for $3.00. Fellow analyst CasiTrades identified key resistances at $2.82 and $3.00, with a clean breakout above $3 signaling the completion of the correction and a larger move on the table.

XRP has been consolidating sideways since Feb. 3, with liquidity remaining above $2.85. A break above this level or below $2.30 could dictate XRP's ultimate direction. With price testing the resistance at $2.85 twice over the last three weeks, the best scenario for XRP would be to breach this level and take the supply zone liquidity above it before rising toward $3.20.

The recent acknowledgment of more XRP ETF applications by the US Securities and Exchange Commission (SEC) has raised hopes for the altcoin's potential to move higher in 2025. Polly, an anonymous crypto commentator, predicts that these acknowledgments are positioning XRP price for new all-time highs, with a potential "god candle" to $6.00.