XRP, the native token of Ripple Labs, is showing signs of weakness and is expected to continue its downward trend in the coming days due to bearish sentiment in the cryptocurrency market. As of January 9, 2024, XRP, along with other top cryptocurrencies, is on a downward trajectory.
Where Will XRP Price Find Support?
Investors may be wondering where XRP’s price will find support, what key levels to watch, and more. Despite the current bearish sentiment, XRP has historically shown resilience compared to other cryptocurrencies following market crashes, thanks to its strong fundamentals.
Bullish Developments Offer Hope
A recent meeting between Ripple CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and President-elect Donald Trump has sparked optimism for potential future gains in XRP’s price. Additionally, the possibility of an XRP Exchange-Traded Fund (ETF) launch, as mentioned by Monica Long, has provided stability to the token.
Market sentiment is currently suppressing the positive developments surrounding XRP, but there is potential for the token’s price to rise. Despite this, XRP appears weak at the moment and may face further price declines in the near future, presenting a potential buying opportunity.
XRP Technical Analysis and Upcoming Level
Technical analysis suggests that XRP is likely to break below recent lows, signaling a bearish trend. A daily candle closing below the previous one could lead to an 8% drop in XRP’s price, potentially reaching the support level of $2.
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This support level could potentially act as a rebound point for XRP. Despite the current decline, the broader outlook for XRP remains positive, with the current price movement likely being a correction and an accumulation zone.
Long-term holders and large investors continue to show optimism towards XRP, as they are accumulating the tokens.
Current Price Momentum
At present, XRP is trading around $2.25, experiencing a decline of over 2.90% in the last 24 hours. The trading volume has also dropped by 20%, indicating reduced activity from traders and investors amidst market uncertainty.
