XRP is currently trading at $2.28, reflecting the overall correction in the cryptocurrency market. Despite the sharp decline, XRP still maintains most of the 300% increase achieved by the end of 2024.
During the period from January 7 to January 9, this coin has avoided a deeper correction and continues to accumulate around the downtrend line, with expectations of breaking the resistance in the range of $2.50 to $2.60.
XRP 1-week chart | Source: TradingView
XRP's critical price zone
While major coins like Bitcoin ($93,000), Ether ($3,231), and Solana ($187) have dropped to previous lows in the past 24 hours, XRP has maintained its position above $2.30. This has been the point of control (POC) since this coin surpassed the $2 mark on December 1, indicating that buyers are still in control of the price action.
According to Valeriya, a trader specializing in crypto and forex, XRP's price is in a crucial decision zone. She believes that a rejection of upward movement or a bounce from the support zone of $2.15-$2.20 will reflect the intentions of larger investors.
Valeriya commented on X that if this support zone holds, the price could rise sharply, with the nearest target being $2.91—where there is significant liquidity from sellers. Additionally, she advises investors to closely monitor XRP's price movements, as this coin is preparing for a major volatility.
XRP 4-hour chart analysis by Valeriya | Source: X
Daan Crypto, another analyst, remarked that XRP is a potential trading option due to its history of respecting technical levels. He also pointed out the formation of a triangle or flag pattern on XRP's 4-hour chart—patterns that have a high probability of breaking out in bull markets.
XRP 4-hour chart analysis by Daan Crypto | Source: X
Market sentiment towards XRP
Along with positive signals from the market structure, the XRP ecosystem has also received good news. The president of Ripple recently stated that the possibility of approving an XRP spot ETF could occur in the near future. At the same time, Ripple CEO Brad Garlinghouse posted a photo taken with elected President Donald Trump, increasing expectations that XRP could rise after the inauguration on January 20.
Data from Santiment shows that market sentiment towards XRP is improving, although it has not yet reached the highs of late November 2024.
XRP crowd sentiment analysis | Source: Santiment
Technical analysis and bullish outlook
Technically, XRP is oscillating in a narrow range between trend lines while maintaining its position above the 200-day EMA. If it breaks the downtrend line, this coin could wipe out liquidity levels around $2.42 and $2.50, creating momentum to reach new all-time highs above $2.90.
XRP 4-hour chart | Source: TradingView
However, confirming a breakout at important resistance levels of $2.50 and $2.60 is a key factor to ensure a sustainable upward trend.
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