$XRP Price Prediction for January 9
XRP is now trying to reach the important level of $2.4. However, the price has fallen by 5-6% recently, wiping out the gains of last week. But XRP may continue to rise, but we have to keep an eye on a few key points to know whether the market sentiment is changing.
XRP is now in a consolidation phase, which may continue for a while. But if we look at it from a shorter time frame, this phase may be coming to an end. The last wave of rise may complete a larger fifth wave, which may allow XRP to hit a new all-time high. The recent fourth wave bottomed in July 2023, and the market may have entered the fifth wave of rise.
In the long run, there are several important resistance levels to pay attention to. One is the historical high of $3.3 set in December 2017, and the next is $4.2 and $5. If XRP can break out of a new high, it may usher in another big adjustment like the previous second wave. This correction could be deep and long, so be careful.
From a shorter timeframe, XRP seems to be forming a triangle pattern, which indicates that the market is still hesitating. This usually means that there will be another wave of gains. If XRP can break through the $2.46 level, it may have successfully bottomed out and could hit a new all-time high next.
The key support level now is between $2.29 and $2.4. If XRP falls below $1.96, it may mean a bigger correction, but it may not necessarily be a continuation of the triangle pattern. To maintain its upward momentum, XRP must hold this green support zone.
So what will happen to XRP next? If XRP can break through the previous high of $2.46, it may mean a new high. Before that, we have to see if the price can stabilize at the support level and then rebound strongly.
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