XRP, the native token of Ripple Labs, appears to be weak and is likely to continue its downward momentum over the next few days due to the bearish sentiment in the cryptocurrency landscape. As of today, January 9, 2024, XRP, along with other major assets, appears to be on the decline.
Where will XRP price find support?
In the meantime, you may be wondering where XRP will drop, where it has found support, what are the critical levels, and much more. It is worth noting that XRP is one of those cryptocurrencies that usually does not see a significant price drop compared to other major assets after a crash, thanks to its strong fundamentals.
Upward developments offer hope
However, the recent meeting between Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Aldroti with President-elect Donald Trump offers hope for potential future gains in the price of XRP. Additionally, this meeting, which took place before Trump’s inauguration, is certainly a bullish sign.
The potential launch of an XRP exchange-traded fund (ETF) this year, as Monica Long noted, has also helped stabilize the token. Additionally, Woorton, a Paris-based market maker, noted, “We are seeing a buying bias towards XRP from our franchise this week, particularly 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 muting its impact. Currently, XRP looks weak and could see further price declines in the coming days, which could be an opportunity to add it to your holdings.
XRP Technical Analysis and Next Level
According to technical analysis, XRP is poised to break yesterday’s low, indicating a bearish trend. Based on recent price action, if XRP closes a daily candle lower than the previous one, there is a strong possibility of an 8% decline, reaching the $2 support level.
This level could serve as a potential bounce point. On a larger time frame, XRP appears to be bullish, and this price drop is likely to act as a correction and a potential accumulation area.
Bullish accumulations offer hope
However, the recent meeting between Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Aldroti with President-elect Donald Trump offers hope for potential future gains in the price of XRP. Additionally, this meeting, which took place before Trump’s inauguration, is certainly a bullish sign.
The potential launch of an XRP exchange-traded fund (ETF) this year, as Monica Long noted, has also helped stabilize the token. Additionally, Woorton, a Paris-based market maker, noted, “We are seeing a buying bias towards XRP from our franchise this week, particularly 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 muting its impact. Currently, XRP looks weak and could see further price declines in the coming days, which could be an opportunity to add it to your holdings.
XRP Technical Analysis and Next Level
According to technical analysis, XRP is poised to break yesterday’s low, indicating a bearish trend. Based on recent price action, if XRP closes a daily candle lower than the previous one, there is a strong possibility of an 8% decline, reaching the $2 support level.
This level could serve as a potential bounce point. On a larger time frame, XRP appears to be bullish, and this price drop is likely to act as a correction and a potential accumulation area.
Long-term crypto holders and whales remain bullish on the altcoin, appearing to be piling up tokens aggressively.$XRP
