XRP price prediction for January 9, 2025
Ripple Labs' native token XRP looks weak and is likely to continue its downward trend over the next few days amid bearish sentiment in the cryptocurrency landscape. As of today, January 9, 2024, XRP appears to be in decline along with other top assets.
Where will the price of XRP find support?
Meanwhile, you might be wondering where the XRP price will fall, where it has found support, what milestones are there, and more. Notably, XRP is one of those cryptocurrencies that did not experience a significant price drop compared to other major assets after the crash, which is due to its strong fundamentals.
Bullish developments give hope
However, the recent meeting between Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Aderotti with President Donald Trump offers hope for the future of XRP's value. Also, this meeting, taking place before Trump's inauguration, is definitely a sign of brutality.
As mentioned by Monica Long, the launch of an XRP exchange-traded fund (ETF) this year also helped stabilize the token. Additionally, Wharton, a Paris-based market making firm, said, “This week we are seeing bias from retail brokers and crypto-native funds to buy XRP from our franchise.”
This positive development around XRP has the potential to boost the token's value, but market sentiment is dampening its impact. Currently, XRP looks weak and may experience further price declines in the coming days, which could provide an opportunity to add to your holdings.
XRP technical analysis and upcoming level
According to expert technical analysis, XRP is set to break yesterday's low, indicating a bearish trend. Based on the recent price action, if XRP closes the daily candle below the previous one, there is a strong possibility that it will drop by 8%, reaching the support level of $2.
This level can serve as a potential reversal point. In the larger time frame, XRP looks bullish, this price drop may be a correction and consolidation zone.
Long-term holders and whales remain optimistic about altcoins, because they are hoarding the tokens in a big way.
Current price momentum
XRP is currently trading near $2.25 and has experienced a price drop of over 2.90% in the last 24 hours. During the same period, the trading volume fell by 20 percent, due to uncertainty in the market, which reduced the participation of traders and investors.
