XRP has experienced a recent pullback, currently down 3.2% to a low of $2.55 as of February 5. Analysts suggest this pullback could be part of an Elliott Wave structure, with hopes that if XRP reclaims a price above $2.70, it would indicate a strong reversal trend. Trader Nishant Bhardwaj notes that the altcoin's rejection at the $3.30 resistance led to a significant drop, trading as low as $1.76 on February 3. He warns that if the price falls below $2.50, it could drop further to the $2.00 and $1.60 levels. Dark Defender, another analyst, suggests that XRP could reach an intermediate cycle target of $5.85 and a long-term target of $18.22, based on its monthly time frame analysis, which has been anticipated since July 2023. Fellow analyst XForceGlobal also believes XRP is in the fourth wave of its cycle, projecting a rise to the $5 to $10 range, reinforcing optimism in the community about a potential bullish trend. A recovery above $2.90 is viewed as crucial for confirming a bull market structure.

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