XRP Traders Set Sights on New All-Time Highs

XRP’s price is currently trading 28% above its recent lows of $1.94, which were reached on February 28. Over the last 24 hours, the altcoin has seen a significant increase of 6.5%. Traders remain optimistic about a potential rally as XRP holds above a crucial support level. This support level corresponds to the 38.2% Fibonacci retracement of the November rally, indicating a strong foundation for future price movements.

Key Support Levels and Price Predictions

Analyst Dark Defender believes that the current price action marks the “Wave 2 bottom,” and he anticipates that XRP will soon move toward the $2.60 mark. He emphasizes the importance of maintaining key levels on the downside, specifically $2.33 and $2.22. If these levels hold, XRP is expected to continue its wave structure, with the fifth wave targeting an impressive $5.85. Such a move would represent a staggering 132% gain from the current price.

Historical Context and Fibonacci Extensions

According to Dark Defender, XRP’s price behavior mirrors a classic Fibonacci extension move observed in 2017. During that period, XRP breached the 161.8% extension level before embarking on a parabolic ascent toward the 223.6% Fibonacci extension level. This historical context adds credibility to the current bullish sentiment among traders.

Surge in Onchain Activity

Recent onchain data from market intelligence firm Glassnode reveals a remarkable surge in active XRP addresses, which have increased by a staggering 680% in the past week. The number of active addresses jumped from 59,900 on February 27 to an impressive 468,171 by March 4. This surge in activity indicates a growing interest in XRP among traders and investors alike.

Whale Activity on the Rise

In addition to the increase in active addresses, popular analyst Brett has noted a significant rise in whale activity. Large investors have reportedly acquired approximately 1 billion XRP tokens within the last 24 hours. This surge in whale purchases coincides with the spike in daily active addresses, which exceeded 135,000 on March 4. Such trends signal a robust interest in the altcoin, suggesting that traders are positioning themselves for potential gains.

Investment Considerations

While the current market dynamics appear favorable for XRP traders, it is essential to approach investments with caution. This article does not constitute investment advice or recommendations. Every investment and trading move carries inherent risks, and readers are encouraged to conduct their own research before making any decisions.

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