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XRP, Ripple Labs’ native token, appears weak and is likely to continue its downward momentum over the next few days due to bearish sentiment across the cryptocurrency landscape. As of today, January 9, 2024, XRP, along with other top assets, seems to be in decline.
Where Will XRP Price Find Support?
Meanwhile, you might be wondering where the price of XRP will fall, where it has found support, what the crucial levels are, and much more. Notably, XRP is one of those cryptocurrencies that typically doesn’t experience a significant price decline compared to other major assets after a crash, thanks to its strong fundamentals.
Bullish Developments Offer Hope
However, a recent meeting between Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty with President-elect Donald Trump offers hope for potential future gains in XRP’s price. Additionally, this meeting, taking place before Trump’s inauguration, is certainly a bullish sign.
The potential launch of an XRP Exchange-Traded Fund (ETF) this year, as mentioned by Monica Long, has also helped the token remain stable. Additionally, a Paris-based market-making firm, Woorton, stated, “We’re seeing a bias toward buying XRP from our franchise this week, mainly from retail brokers and crypto-native funds.”
This positive development surrounding XRP has the potential to boost the token’s price, but market sentiment is suppressing its impact. Currently, XRP appears weak and may experience further price declines in the coming days, which could present an opportunity to add it to your holdings.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP is poised to break yesterday’s low, signaling a bearish trend. Based on recent price action, if XRP closes a daily candle below the previous one, there is a strong possibility it could drop by 8%, reaching the support level of $2.
This level could serve as a potential rebound point. On a larger time frame, XRP appears bullish, with this price decline likely being a correction and a potential accumulation zone.
Long-term holders and whales remain optimistic about the altcoin, as they seem to be heavily accumulating the tokens.
Current Price Momentum
Currently, XRP is trading near $2.25 and has experienced a price decline of over 2.90% in the past 24 hours. During the same period, its trading volume has dropped by 20%, indicating reduced participation from traders and investors amid market uncertainty.