XRP, the native token of Ripple Labs, is currently facing a period of weakness and is expected to continue its downward trend in the near future due to the prevailing bearish sentiment in the cryptocurrency market. As of January 9, 2024, XRP, along with other major digital assets, is showing signs of decline.
Support Levels for XRP Price:
Investors may be curious about where XRP’s price will find support amidst its current downward movement. XRP has a reputation for being relatively resilient compared to other cryptocurrencies during market crashes, thanks to its strong fundamentals. Despite this, it is essential to monitor key support levels and crucial price points to gauge the token’s future performance.
Positive Developments Boosting XRP:
Recently, a 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. This meeting, held prior to Trump’s inauguration, is seen as a positive development for the token. Additionally, the possibility of an XRP Exchange-Traded Fund (ETF) being launched this year, as suggested by Monica Long, has contributed to XRP’s stability. Woorton, a market-making firm based in Paris, has reported increased buying interest in XRP from retail brokers and crypto-native funds.
Technical Analysis and Price Levels:
According to technical analysis experts, XRP is on the verge of breaking below yesterday’s low, signaling a bearish trend. If XRP closes a daily candle below the previous one, there is a high likelihood of a further 8% decline, potentially reaching the support level of $2. This level could serve as a rebound point for the token, with the overall outlook remaining bullish on a larger time frame.
Current Price Momentum:
As of now, XRP is trading at around $2.25, experiencing a 2.90% price decline in the past 24 hours. The trading volume has also dropped by 20%, indicating reduced participation from traders and investors amid market uncertainty. Despite the short-term price fluctuations, long-term holders and whales are showing optimism by accumulating XRP tokens.
In conclusion, while XRP may be facing downward pressure in the short term, positive developments and strong fundamentals suggest potential for recovery and future price appreciation. It is crucial for investors to stay informed and monitor key support levels to make informed decisions regarding their XRP holdings.