XRP Price Could Surge to $3.20 if Key Support Level is Reclaimed, Analyst Predicts

XRP's price is poised for a potential rise to $3.20, according to market analysts, if it successfully reclaims key support levels and confirms bullish indicators observed on the altcoin’s daily chart.

XRP Trading in a Tight Range Amid ETF Filings

XRP has been trading sideways between $2.85 and $2.30 for some time, with the price recently rebounding above $2.60. This price action comes even as the U.S. Securities and Exchange Commission (SEC) acknowledged a number of XRP ETF filings, sparking optimism among investors. Despite the sideways movement, analysts have highlighted the importance of breaking through the $2.75-$2.80 resistance zone to signal further upside potential.

Bullish Ascending Triangle Pattern

XRP market analyst Egrag Crypto pointed out that the altcoin is currently trading within an ascending triangle pattern on the 12-hour chart. According to Egrag, XRP needs to "close above the apex" of this pattern, located at $2.75, to confirm the continuation of its upward trajectory.

"A close above this level will provide bullish confirmation, with a measured price target of $3.20," the analyst explained. A breakout above $2.75 would indicate a 20% gain from the current price levels, setting the stage for further price movement.

Caution Against a Potential Bull Trap

However, Egrag Crypto cautioned investors about the possibility of a “bull trap” as the month draws to a close. He noted that a significant correction could take place around mid-March, signaling the end of Wave 2 in the ongoing Elliott Wave cycle. "Wave 3 is still ahead, so remember, you may not be bullish enough yet!" he added.

Key Resistance Levels to Watch

Other analysts also share a similar view on XRP’s price action. Pseudonymous analyst Dom stated that XRP needs to flip the $2.80 resistance level into support before making a run toward $3.00. Fellow analyst CasiTrades added that $2.82 remains a crucial resistance level, with another key barrier at $3.00. A breakout above $3.00, CasiTrades noted, would signal the completion of the correction and suggest that a larger move is on the horizon.

XRP’s Liquidity and Key Price Levels

XRP has been consolidating sideways since early February, with the overall trend leaning bullish. However, the price remains in limbo until it decisively breaks above $2.85 or falls below $2.30. Liquidity remains strong at both demand and supply zones, meaning that a breakout from these levels will likely determine XRP’s next direction.

The ideal scenario for XRP is a break above the $2.85 resistance level, allowing it to absorb liquidity above this zone before targeting $3.20. The potential for upward momentum is supported by recent developments, including the SEC’s acknowledgment of additional XRP ETF applications.

XRP’s 2025 Outlook

With XRP’s potential rise fueled by growing optimism and the possibility of new all-time highs, some commentators are becoming increasingly bullish. Polly, an anonymous crypto influencer, recently stated that the acknowledgment of XRP ETF filings is positioning the token for major gains in 2025. Polly even predicted the possibility of a “god candle” pushing XRP’s price to as high as $6.00 in the future.

As the market watches XRP’s next moves closely, the outcome of the current consolidation phase could determine whether the altcoin continues its ascent or faces another period of correction. For now, traders are focused on breaking key resistance levels and confirming the bullish indicators seen on the charts.